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Retail sales growth hits high

 

shoppingbagsThere is further evidence that the retail sector is strengthening, helped by low interest rates and the lower Australian dollar.

The Australian Food and Grocery Council (AFGC) and pallet and packaging company, CHEP, expect growth in consumer spending to rise 6.6 per cent in the 12 months to June.

AFGC CHEP Retail Index, was 5.8 per cent higher in March 2014 than it was in March 2013.

The report said while wages and salary growth has been weak and jobs growth modest, low interest rates and falls in the value of the Australian dollar are helping boost the Australian economy.

AFGC CEO, Gary Dawson, said retail sales growth is at a four-year high.

“It’s encouraging that retail performance has improved across all sectors since mid-2013,” he said.

AFGC

The survey’s figures reflect the latest retail spending figures from the Australian Bureau of Statistics which had total retail spending up 4.9 per cent in the 12 months to February, seasonally adjusted.

The AFGC/CHEP report said that the only part of the retail sector that is struggling is department stores, which is continuing to loose market share.

The strongest improvement is in household goods, with sales growth of around five per, cent and clothing retail, up seven per cent.

 

-20

AAP

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