Australia enjoyed a record retail sales surge in the final quarter of 2021 as an easing of the harsh lockdown restrictions and the holiday period combined to provide a timely boost to the Aussie economy.
Last month, DailyInvestNews reported on Australian retail sales surging for a second consecutive month, and it seems the wallets have definitely been open in Australia.
Figures released from the Australian Bureau of Statistics (ABS) on Monday morning showed that Australian retail sales increased 8.2 per cent when adjusted for inflation in the quarter to A$93.2 billion (S$88.7 billion). The Q4 Aussie retail figure was easily the largest increase on record and surpassed markets forecasts of 8.1 per cent.
Spending over the final three months of last year increased almost entirely across the board. Spending on clothing, footwear and personal accessories increased 43.1 per cent, whilst spending in cafes, restaurants and on takeaway food services increased 18.8 per cent. Elsewhere, department stores saw a 25 per cent increase and household goods enjoyed a 9.0 per cent gain.
The only industry that saw a decline in retail spending was food retailing which was down 1.6% for the quarter.
Ben James, director of Quarterly Economy Wide Statistics at the ABS, said in a statement:
“Consumers enthusiastically returned to discretionary spending following the end of delta related lockdowns,”
“Well publicised concerns over product availability and delivery timeliness led to consumers bringing forward their end of year shopping, in conjunction with a re-opening spending splurge due to pent up consumer demand.”
ABS
Whilst the final part of the year saw a big boost in household spending and consumer confidence, the early part of this year is likely to prove a bit more challenging for retailers as a surge in new cases of the omicron variant of coronavirus is prompting caution among consumers.
