March retail sales rise 0.4%

Australian retail turnover rose 0.4 per cent in March 2023, according to figures released today by the Australian Bureau of Statistics (ABS).

This follows a 0.2 per cent rise in February 2023.

This month’s rise was driven by the combined growth in food-related spending, with rises in both cafes, restaurants and takeaway food services (+1.5 per cent) and food retailing (+1.0 per cent).

β€œFood retailing has now recorded 13 consecutive monthly rises, largely driven by high food inflation,” Mr Dorber said.

β€œBusinesses in cafes, restaurants and takeaway food services are passing on their rising costs to consumers through price rises, while also benefitting from strong demand driven by the continued return of large-scale cultural and sporting events.”

β€œSpending on non-food retailing has slowed in response to interest rate rises and increased cost of living pressures. This follows increased spending during and immediately following much of the COVID-19 pandemic period.”

Of the non-food industries, clothing, footwear and personal accessory retailing (-1.0 per cent) had the largest fall, followed by household goods (-0.4 per cent) and department stores (-0.2 per cent). Other retailing remained relatively flat (0.0 per cent).

Retail turnover rose modestly across the states and territories, with most rises below 1.0 per cent. Queensland (+1.2 per cent) was the only state or territory to record a rise over 1.0 per cent, and this was a bounce back from a 0.4 per cent fall in February.

β€œThe latestΒ Consumer Price IndexΒ showed that while growth in inflation slowed in the March quarter, it remained at a high level. To see the effect of consumer prices on recent turnover growth, it will be important to look at quarterly retail sales volumes which we release next week,” Mr Dorber said.

Sign up to receive our FREE
Weekly Insights Newsletter.

We don’t spam! Read our privacy policy for more info.

Check Also

Residential complex in one of Perth’s most desirable residential locations for sale

A secure residential complex in Applecross, 10 kilometres south of the Perth CBD, is up for sale.