Real retail spending continues to decline

Retail recession

Retail turnover missed market expectations in rising only +0.1 per cent in seasonally adjusted terms in April, following a decline of -0.4 per cent in March.

Source: ABS

Turnover of $35.7 billion was well below the November highs of $36.3 billion.

Given the rampant growth of the estimated resident population to 27,273,000, and given the surge in retail prices through the pandemic period, these are very soft figures pointing to an ongoing decline in retail volumes.

Shane Oliver of AMP shows this in a graph of nominal retail sales versus real retail spend per capita, which has been in a long and steady decline for some time now. 

It's interesting to see how much the border closures and stimulus payments spiked spending through 2020 and 2021, at a time when supply chains were so heavily disrupted. 

However, those days are now long gone, and the consumer economy is slowing...

Source; Shane Oliver, AMP

Overall, there were declines in spending over the month on food and clothing. 

James Foster ran through the key details in more depth here in more depth here.

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