Australian Bureau of Statistics: Australia's Retail Spending Rose 5.8% YoY to AUD 39.67 Billion in May

July 3rd, Ebrun Go - According to the latest data from the Australian Bureau of Statistics (ABS), despite ongoing cost-of-living pressures and persistently weak consumer confidence, Australia's national retail sales for May 2024 increased by 5.8% year-on-year to AUD 39.67 billion. Household spending rose by 1.3% month-on-month to AUD 80.64 billion (exceeding market expectations of just 0.5%), reversing the decline seen in April. All nine consumption categories recorded growth. Specifically, spending on cafes, restaurants, and takeaway food services increased by 1.9%, primarily driven by sporting events and rising food prices. Clothing, footwear, and personal accessory retailing grew by 2.7%, boosted by mid-season clearance sales and end-of-financial-year promotions. Food retailing rose by 1.1%. Only fuel retailing saw a slight decline of 0.4%, mainly related to the pass-through effect of a fuel excise cut. On a regional basis, all states and territories recorded year-on-year growth, with the Northern Territory leading at 8.1%, followed by Western Australia at 7.3%.