Traditional retail sales contracted 0.1% in July, with cumulative sales growth for the calendar year to July now 1.4%. Online sales fell by 2% on the back of a 1.8% contraction in June. This is the first time online sales have contracted for two consecutive months since NAB commenced reporting the index on a seasonally adjusted basis in 2013. Consumer confidence returned to pessimistic territory in September 2019 with the index falling to 98.2. Four out of five component indices fell contributing to the overall 1.7% deterioration, suggesting retailers will continue to face sales headwinds in the near term.
Source: Australian Bureau of Statistics
Online retail sales
Source: NAB Online Retail Sales Index