Retail jumps thanks to i-Phone
Retail turnover increased +0.9 per cent in September to a seasonally adjusted $35.9 billion.
This was a decent monthly increase, with the previous months also revised up a little.
I actually formed a part of this jump, upgrading to the new i-Phone 15 in Sydney in September, apparently alongside thousands of other Aussies!
You can expect the growth in turnover to ease back next month as this impact was a one-off, while the unseasonably warm spring weather may also have played a part in bringing forward spending on clothing and hardware, according to the ABS.
On a seasonally adjusted basis, this takes retail turnover back to where it was back in late 2022, when it also touched...$35.9 billion.
Retail sales lifted +1.8 per cent over the quarter as a whole, with the September strength largely driven by New South Wales (+1.3 per cent).
Source: ABS
Of course the Aussie population has grown at an unprecedented pace over the past year, and in any case after accounting for price increases retail volumes are likely to prove lacklustre at best.
Listed retailers are also suggesting that interest rate hikes are beginning to bite into consumer spending habits, so the outlook for consumption is quite muted now.
A further interest rate hike in November would naturally accentuate the downward pressure on consumer sentiment too, though retailers are naturally begging for respite!
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