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The elevation of Malcolm Turnbull to prime minister has resulted in improved consumer sentiment, however this has yet to translate into additional activity at the cash register, according to Australian Retail Index (ARI) data.BDO national retail lead partner Simon Scalzo noted recent consumer confidence surveys have pointed to a healthier outlook for the retail sector, however for the moment the ARI, created by BDO and Retail Express, is steady.
“In the week prior to the change of leader we saw sales drop off quite sharply, with the Australian Retail Index (ARI) down by 10 per cent,” Scalzo commented. “Much of this can be attributed to a return to normal conditions after strong sales leading into Father’s Day.
“Following the switch from Tony Abbott to Malcolm Turnbull, sales lifted by just under one per cent, led by fashion and accessories, which saw an increase of just under four per cent.”
Scalzo noted that the ANZ-Roy Morgan consumer confidence rating “rose sharply last week”, with retailers now hoping to see this translated into sales.
“We’ll be watching the ARI closely over coming weeks to track the impact the change of prime minister has in real terms for retailers,” he commented.
