Consumer confidence slid a further 1.8% to 93.4 in January meaning it has now been in pessimistic territory for five consecutive months. Westpac reports this may partially be attributable to bushfires, but whether this has a broader impact on retailers other than locations in directly affected areas is yet to be seen. Both traditional and online retail sales for November posted solid growth on the back of Black Friday results. The 0.9% growth in traditional retail sales was the highest monthly growth in two years and 2.4% growth in online sales was the strongest result since August 2019.
Source: Westpac – Melbourne Institute Consumer Sentiment Index
Source: Australian Bureau of Statistics
Online retail sales