Retail spending slips in December following heavy sales: ABS

Australian retail sales have slipped in December following strong growth in the previous months as a result of heavy discounting from retailers.

Retail turnover fell 0.1 per cent in December, according to fresh Australian Bureau of Statistics data on Monday, beating forecasts of a 0.7 per cent drop.

It followed two months of growth, with sales up 0.7 per cent and 0.5 per cent in November and October, respectively.

Year-on-year, retail sales rose 4.6 per cent.

“Retail spending held firm following strong growth in recent months with promotional activity stretched across the quarter,” ABS head of business statistics Robert Ewing said.

“Cyber Monday fell in early December and boosted spending to begin the month, particularly on discretionary items like furniture, homewares, electronics and electrical items.”

Sales results were mixed across categories, with household goods retailing posting the the biggest rise (up 1.6 per cent).

“Cyber Monday drove more spending on household goods as consumers took advantage of discounts on big ticket items,” Mr Ewing said.

More to come.