Travel spend shifts to retail boom
Preliminary retail figures showed retail turnover ballooning to +12.2 per cent year-on-year.
This is record high retail spend, with household goods, white goods, luxury handbags and more all booming.
Source: ABS
Retail turnover fell by -2 per cent in Victoria as the lockdown measures began to bite, but elsewhere things are turning up for retail (while luxury car sales have also been bullish).
White goods, furniture, and more
Household goods retail turnover is now up +30 per cent year-on-year!
What gives?
Partly it's the government stimulus measures, and partly this might relate to early withdrawals from superannuation.
But likely a huge driver has been the lack of ability for Aussies to spend on international travel and holidays (not to mention restaurants, theatres, and cinemas).
This is keeping Aussie dollars at home, which is funneling more and more spend into retail, and some of the retail stocks are absolutely flying.
Christmas could be an absolute ripsnorter this year!
More detail as ever from James Foster on the Twitter.
