Data released yesterday by the Australian Bureau of Statistics (ABS) shows that real after-inflation retail spending fell by 0.2% quarter-on-quarter in the final three months of 2022.
Department store sales volumes fell by 2.9% over the December quarter, while fashion sales volumes were down 2.3%. However, sectors such as cafes/restaurants and food retailing defied the downward trend.
Commenting on the result, Ben Dorber, ABS head of retail statistics, explained that “retail sales volumes fell for the first time since the September quarter 2021, with volumes falling across all non-food industries as consumers tightened discretionary spending in response to mounting cost of living pressures”.
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