- Retail sales up 2.9% to $307 billion
- Online sales slowing, but continuing to outpace traditional retail sales
- Consumer confidence in pessimistic territory and down a further 5.9%
- As was predicted, retailers faced headwinds throughout FY17. The year was characterised by lower consumer confidence, slowing retail growth, varied category performance and a number of high profile retail failures.
- We expect more of the same in FY18. Material risks to retail and the broader economy exist, such as housing prices and affordability, international entrants (including Amazon), and increasing domestic competition, so we expect parts of the retail market to remain subdued meaning operators underperforming their respective categories are at risk of failure.
To view the full In Retail FY17 in Review please click here.