Australia retail sales up 0.6% in Jan, Covid-19 restrictions a drag
[SYDNEY] Australian retail sales rose by less than expected in January as a coronavirus lockdown in the city of Brisbane kept shoppers at home, continuing the see saw pattern of sales in recent months.
Sales rose 0.6 per cent in January, from December, missing market forecasts of a 2.0 per cent gain, preliminary data from the Australian Bureau of Statistics (ABS) showed on Friday.
Yet sales of A$30.54 billion (S$31.5 billion) were still up a strong 10.7 per cent on January last year, before the pandemic hit.
The state of Queensland saw a fall of 1.5 per cent as Covid-19 restrictions in Brisbane hit household goods retailing, clothing, footwear and department stores.
Retail activity has been wildly volatile in recent months amid lockdowns and massively popular online sale events, with spending surging 7.1 per cent in November only to dive 4.1 per cent in December.
The pandemic has also confounded the usual seasonal adjustment pattern and exaggerated moves in both directions.
SEE ALSO
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
The ABS will release the final estimate on March 4.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
P&G raises annual core profit forecast on resilient demand, price hikes
Cordlife calls for trading halt after shares sink to all-time low, pending announcement
Marina Bay Sands Q1 profit surges 51.5% to US$597 million on tourism boom
Swiss watch exports plunge as China and Hong Kong demand dries up
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO