Australian retail turnover fell 0.4 per cent (seasonally adjusted) in March 2024, according to figures released today by the Australian Bureau of Statistics (ABS).
This followed a rise of 0.2 per cent in February 2024 and a rise of 1.0 per cent in January 2024.
Ben Dorber, ABS head of retail statistics, said: “Consumers pulled back on retail spending in March as cost of living pressures remained high.
“Underlying retail turnover has been flat for the past six months and was up only 0.8 per cent compared to March 2023. Outside of the pandemic period and introduction of the GST, this is the weakest growth on record when comparing turnover to the same time in the previous year.”
| Month | Seasonally adjusted ($m) | Trend ($m) |
|---|---|---|
| Mar-2019 | 27,270.4 | 27,255.9 |
| Apr-2019 | 27,178.1 | 27,277.1 |
| May-2019 | 27,293.2 | 27,307.5 |
| Jun-2019 | 27,386.3 | 27,352.4 |
| Jul-2019 | 27,395.5 | 27,420.9 |
| Aug-2019 | 27,541.5 | 27,505.0 |
| Sep-2019 | 27,563.2 | 27,594.8 |
| Oct-2019 | 27,685.1 | 27,678.8 |
| Nov-2019 | 27,695.2 | 27,751.9 |
| Dec-2019 | 27,970.1 | 27,812.8 |
| Jan-2020 | 27,838.1 | 27,868.6 |
| Feb-2020 | 27,851.6 | 27,928.6 |
| Mar-2020 | 29,915.4 | |
| Apr-2020 | 24,797.8 | |
| May-2020 | 28,784.4 | |
| Jun-2020 | 29,636.6 | |
| Jul-2020 | 30,762.3 | |
| Aug-2020 | 29,476.3 | |
| Sep-2020 | 29,109.3 | |
| Oct-2020 | 29,713.5 | |
| Nov-2020 | 31,249.9 | |
| Dec-2020 | 30,934.8 | |
| Jan-2021 | 30,773.0 | |
| Feb-2021 | 30,387.8 | |
| Mar-2021 | 30,607.9 | |
| Apr-2021 | 30,931.1 | |
| May-2021 | 30,979.4 | |
| Jun-2021 | 30,565.9 | |
| Jul-2021 | 29,781.8 | |
| Aug-2021 | 29,202.5 | |
| Sep-2021 | 29,706.7 | |
| Oct-2021 | 31,212.3 | |
| Nov-2021 | 32,867.3 | |
| Dec-2021 | 32,562.4 | |
| Jan-2022 | 32,813.7 | |
| Feb-2022 | 33,139.2 | |
| Mar-2022 | 33,525.7 | |
| Apr-2022 | 33,851.3 | |
| May-2022 | 34,027.2 | |
| Jun-2022 | 34,404.4 | |
| Jul-2022 | 34,641.4 | 34,622.2 |
| Aug-2022 | 34,828.3 | 34,831.2 |
| Sep-2022 | 34,961.5 | 34,996.9 |
| Oct-2022 | 35,168.7 | 35,119.5 |
| Nov-2022 | 35,330.5 | 35,198.6 |
| Dec-2022 | 35,063.0 | 35,248.9 |
| Jan-2023 | 35,332.1 | 35,282.2 |
| Feb-2023 | 35,274.1 | 35,300.8 |
| Mar-2023 | 35,364.0 | 35,305.3 |
| Apr-2023 | 35,258.6 | 35,306.2 |
| May-2023 | 35,440.6 | 35,304.9 |
| Jun-2023 | 35,209.0 | 35,327.6 |
| Jul-2023 | 35,311.4 | 35,383.0 |
| Aug-2023 | 35,402.6 | 35,467.0 |
| Sep-2023 | 35,658.8 | 35,560.1 |
| Oct-2023 | 35,561.3 | 35,640.6 |
| Nov-2023 | 36,093.6 | 35,692.0 |
| Dec-2023 | 35,372.1 | 35,712.5 |
| Jan-2024 | 35,730.5 | 35,718.6 |
| Feb-2024 | 35,814.8 | 35,721.5 |
| Mar-2024 | 35,663.3 | 35,711.2 |
Trend estimates from March 2020 to June 2022 are not available due to the degree of disruption and volatility caused by COVID-19. Trend estimates throughout the pandemic period are likely to be unhelpful and potentially misleading for users in interpreting underlying trend in retail activity.
Turnover fell in all industries this month except for food retailing (+0.9 per cent), highlighting the continued underlying weakness in retail spending.
The largest falls were recorded in clothing, footwear and personal accessory retailing (-4.3 per cent) and department stores (-1.6 per cent). Both industries recorded large rises last month that have now been mostly cancelled out by these falls.
“The Taylor Swift-inspired boost in turnover for fashion and accessory retailers last month has proved to be temporary with an instant reversal this month,” Mr Dorber said.
| Industry | Feb-24 (%) | Mar-24 (%) |
|---|---|---|
| Food retailing | -0.2 | 0.9 |
| Household goods retailing | -1.0 | -1.4 |
| Clothing, footwear and personal accessory retailing | 4.9 | -4.3 |
| Department stores | 2.3 | -1.6 |
| Other retailing | -0.6 | -0.3 |
| Cafes, restaurants and takeaway food services | 0.4 | -0.2 |
| Total | 0.2 | -0.4 |
Household goods retailing (-1.4 per cent), other retailing (-0.3 per cent) and cafes, restaurants and takeaway food services (-0.2 per cent) also recorded falls.
“Retailers told us that overall trading conditions remain challenging with consumers being cautious in their discretionary spending.
“Consumers continue to experience cost of living pressures with price rises in education, healthcare, housing and insurance – see the March quarter CPI
