Australian Retail Sales: September 2023 - Hot Spring

About the author:

Author name:

By Alexander Mees

Job title:

Co-Head of Research and Senior Analyst

Date posted:

31 October 2023, 7:30 AM

Sectors Covered:

Gaming and Retail

• Retail sales grew by 0.9% in September on August 2023, which was greater than consensus expectations of +0.3%, and the largest monthly growth since January, albeit off subdued levels. On a year-on-year basis, growth picked up to +2.0% from +1.6% in August, although the underlying trend remains subdued, and growth is below the rate of inflation.
• There were some positive signs for beleaguered retailers of Household Goods, with the category posting +1.5% m/m growth, the second best in the month after Department Stores (+1.7%). Although the hot spring weather may have been a contributing factor in September, we believe there is some evidence that the y/y decline in category sales is beginning to moderate.

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