Retail turnover is up 1.3 percent for July 2022, indicating that the ongoing struggles with cost-of-living may not be affecting purchase sentiment as expected.
Out of the six retail categories, five experienced an increase – this is the largest uplift in retail turnover in four months, with a 1.6 percent increase in March 2022.
“After slowing growth in recent months, the 1.3 percent rise in July was the largest since the 1.6 percent rise in March 2022,” said Ben Dorber, the Head of Retail Statistics at the Australian Bureau of Statistics.
Department stores reported the biggest increase in turnover, lifting 3.8 percent. Second was clothing, footwear and personal retailing, which is up 3.3 percent. Other retailing is up 1.6 percent. The only category that experienced a downfall in turnover was household goods retailing. This is the fourth consecutive month that it has reported a decline.
“Turnover rose in five of the six retail industries in July 2022. This shows that, despite cost-of-living pressures, households are continuing to spend,” said Dorber.
The majority of Australian states and territories reported increases in their turnover, with Tasmania the only state to report a decline. The biggest uplift was in Victoria and the ACT, both reporting 1.8 percent increases for July 2022. Tasmania’s 0.3 percent decline is the first reported fall in 2022.
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