Shoppers have emerged from one of the worst economic hits in Australian history by celebrating with a spending spree for new clothes and restaurant meals in a further sign the worst of the pandemic recession is behind the country.
Shoppers emerged out of lockdown ready to spend with the rest of the year likely to see retail spending elevated.Clothing, footwear and accessory retail sales were up 28 per cent in October and cafes, restaurants and takeaway sales were up 12 per cent. Department store turnover jumped 22 per cent. Household goods increased 4.5 per cent.
The only category to experience a fall in turnover was food retailing, down 0.5 per cent, reflecting a shift back to eating out after lockdown rather than buying products for home cooking.While there are clear signs of the economy’s recovery since the end of lockdowns in NSW, the ACT and Victoria, the financial hit of those lockdowns will become apparent on Wednesday with the release of the September quarter national accounts.
Mr Oster said total retail trade fell by 4.4 per cent through the quarter with even larger hits likely in household services.“While the GDP release will provide confirmation of the depth of the impact of lockdowns, these data are dated. Higher frequency data suggests a strong rebound in activity is under way,” he said.The head of Australian economics at the Commonwealth Bank, Gareth Aird, forecasts the September quarter to show a 3.5 per cent hit to the economy.
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