Australia retail trade up 12.5% YoY in October 2022

However, it declined by 0.2% month-on-month.

Australia recorded a 12.5% year-on-year growth in retail trade reaching A$35b in October 2022, data from the Australian Bureau of Statistics showed (ABS).

However, compared to the previous month, it was down by 0.2%, the first time it declined during the year, after a 0.6% increase in both August and September.

“The October fall in retail turnover ends a run of nine straight monthly rises and suggests increased cost of living pressures including interest rate rises have started to weigh on consumer spending,” said Ben Dorber, ABS head of retail statistics.

Per sector, only food retailing posted an increase of 0.4% month-on-month.

Department stores declined the most by 2.4%, followed by clothing, footwear and personal accessory retailing (0.6%), household goods retailing (0.5%), cafes, restaurants and takeaway food services (0.4%), and other retailing (0.2%).