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Australia’s nominal retail sales were much weaker than expected in December, while volumes for the quarter were also disappointing. The bring-forward of trading into November as a result of the Black Friday sales was apparent.
The country’s retail sales fell 0.4 percent m/m in December, considerably weaker than both ANZ and market expectations. In annual terms, sales growth was steady at 2.8 percent. In volume terms, sales for the December quarter eked out a 0.1 percent q/q gain, following a rise of just 0.2 percent in Q3.
The impact of sales coming forward into November as a result of the Black Friday sales was apparent. Clothing sales dropped 2.8 percent m/m, household goods fell 2.4 percent and department store sales declined 1.1 percent. These falls all followed solid rises in November. In contrast, sales at cafes and restaurants rose a strong 1.1 percent.
"Low growth in volumes points to another soft outcome for consumer spending in Q4. The RBA is likely to be disappointed with the weakness in retail sales, given its relatively upbeat view on the consumer spending outlook," ANZ Research commented in its latest report.
