• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

Australian retail turnover drops 0.4% in March 2024

30 Apr '24
2 min read
Australian retail turnover drops 0.4% in March 2024
Pic: Adobe Stock

Insights

  • Australian retail turnover decreased by 0.4 per cent in March 2024, according to the Australian Bureau of Statistics.
  • This decline contrasts with earlier increases of 0.2 per cent in February and 1.0 per cent in January.
  • Significant drops were seen in clothing and department stores, which fell by 4.3 per cent and 1.6 per cent respectively.
Australian retail turnover experienced a downturn of 0.4 per cent in March 2024, seasonally adjusted, as reported by the Australian Bureau of Statistics (ABS) today. This decline contrasts with the retail growth observed earlier in the year, with a 0.2 per cent increase in February 2024 and a 1.0 per cent rise in January 2024.

Despite the monthly decrease, there was a year-on-year rise of 0.8 per cent when compared to March 2023, indicating some sustained growth in the sector over the past year, as per ABS.

Significant declines were noted particularly in specific retail sectors. Clothing, footwear, and personal accessory retailing faced the steepest drop, falling by 4.3 per cent. Department stores also saw a notable decrease of 1.6 per cent. These declines largely offset the gains these sectors had achieved in the previous month.

Additionally, the 'other retailing' category experienced a slight fall of 0.3 per cent, equating to a reduction of $15.6 million in seasonally adjusted terms for March.

“Consumers pulled back on retail spending in March as cost-of-living pressures remained high. Underlying retail turnover has been flat for the past six months and was up only 0.8 per cent compared to March 2023. Outside of the pandemic period and introduction of the GST, this is the weakest growth on record when comparing turnover to the same time in the previous year,” said Ben Dorber, ABS head of retail statistics.

Fibre2Fashion News Desk (DP)

Leave your Comments

Esteemed Clients

Woolmark Services India Pvt. Ltd.
Weitmann & Konrad GmbH & Co. KG
VNU Exhibitions Asia
USTER
UBM China (Shanghai)
Tuyap Tum Fuarcilik Yapim A.S.
TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
X
Advanced Search