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Retail is on the way up with sales jumping almost 3% in H1
Retail sales growth over the past six months has been “outstanding,” increasing 2.8% over the first half of 2012, according to Deloittes latest Access Economics Retail research.
This is much better than the anaemic growth seen over the previous two years.
However, it seems that while Australians are out shopping, they are not that happy about it as consumer sentiment remains in ‘pessimist’ territory, with many remaining concerned about risks to the economy and job insecurity is also high.
However, the biggest winners over the six months were department stores (+5.5%) and clothing retailers (+6.1%), sectors who had previously been doing the worst.
Food retailing also came out stronger, while spending on cafes and restaurants has also increased.
Household goods continued to struggle over the start of 2012, as housing activity has failed to yet find its spark and consumers remain wary of consumer durables purchases.
The reasons for the retail hike include real wages growth, interest rate cuts since late 2011 and Federal Government hand outs.
“That means that today’s retail recovery remains a somewhat fragile one,” says Deloitte,.
“But with weak employment growth at best, and continued legitimate concerns over the economic outlook, it is difficult to see spending growth move beyond” trend rates.
The resource-laden states like WA continue to perform the best in terms of retail growth over the past year.
However, lower interest rates are now helping to even the playing field, with retail sales in New South Wales rocketing up in the June quarter.
Retail sales in Victoria have stayed subdued due to a contraction in housing activity and pressure on manufacturing.
