Solid month for October retail sales ahead of Black Friday in Australia

Access the full data insights to learn more about the key points outlined below:

• October was another solid month for retail sales, with turnover increasing 0.6% m/m. Sales growth was driven by household goods in October, with retailers reporting a strong response to discounting activity. Online sales of AV equipment were particularly strong. In contrast, sales at department stores and apparel sales fell back in October.

• The trend in retail sales is gradually improving. Tax cuts and lower inflation have been supportive for consumer spending, which should continue to gain momentum into 2025. Retail sales data will become increasingly volatile heading into the Black Friday and Christmas periods, but the underlying trend appears to be strengthening.