Retail sales rebound in October ahead of Xmas sprint
Nationwide retail sales rebounded in October according to the Australian Bureau of Statistics (ABS) preliminary report which revealed a sizeable 1.6 per cent rise in monthly turnover.
NRA Deputy CEO Lindsay Carroll said that while the pandemic is still far from over, the preliminary October results give cause for optimism as retail heads into Christmas.
“Victorian retailers reopening at the end of the month has helped to provide a boost in overall turnover for the month of October,” Ms Carroll said.
“According to the ABS, retail sales for October are well up on the corresponding month last year but we are still operating in challenging times and there’s no room for complacency.
“The continuation of government assistance measures and Australians being unable to travel overseas does mean that consumers currently have a healthy level of discretionary spending power.”
Ms Carroll also stressed the importance of retail sales remaining strong between now and Christmas.
“Recent events in South Australia underline how volatile the current environment is, but today’s figures are encouraging for retail as we march towards Christmas,” Ms Carroll said.
“We’ve just entered the Christmas trade period – the second-half of November and all of December – and a bumper festive season will mark the start of a retail recovery.
“Many businesses desperately need a Christmas sales splurge to stay afloat heading into 2021 and hopefully we see further increases in monthly turnover between now and the end of the year.”