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Retail turnover tops $30 billion in November: ABS

Monthly retail sales jumped 7 per cent in November, while comparing the month to the same time last year saw turnover grow 13.2 per cent, according to the Australian Bureau of Statistics.

In total, the month brought in $31.6 billion in turnover, up $2 billion on October’s figures.

The largest increase was seen in Victoria, ABS director of quarterly economy wide surveys Ben James said, which grew 21 per cent after months of lockdown.

“Retail stores experienced a full month of trade following the easing of coronavirus restrictions in that state. Excluding Victoria, retail sales rose 2.7 per cent,” James said.

“South Australia, which saw a short lockdown within November, had a flat result. Most South Australian retail industries saw falls as a result of temporary store closures, although these falls were offset by a rise in supermarket sales.”

The Black Friday sales event also spiked turnover across the industry, driving strong sales growth in household goods, electrical goods, clothing, footwear and personal accessories and department stores.

The ABS’ figures back up data shared by Commonwealth Bank earlier this month, which stated discretionary spending had improved as monetary policy eased and the economy gradually reopened.

“The growth in spending intentions in a number of key sectors indicates that the economic recovery is well underway,” said CBA chief economist Stephen Halmarick

“The signs for December are also looking good, based on our weekly credit and debit card spend data.”

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