Australian retail turnover increased by 0.6% in October 2024, marking the third consecutive month of growth and surpassing forecasts of 0.3%, according to seasonally adjusted figures from the Australian Bureau of Statistics (ABS).
This follows a 0.1% rise in September, amid significant gains in the ‘other retailing’ and ‘household goods’ categories.
Robert Ewing, ABS head of business statistics, noted the impact of early discounting ahead of Black Friday: “After a steady result last month retailers told us that sales activity grew in October ahead of the Black Friday sales.
“The stronger than usual October month saw some retailers enticing buyers to spend early with discounting, particularly on discretionary items.”
Non-food industries showed strong growth, with other retailing up 1.6% and household goods retailing rising 1.4%.
“The rise in discretionary spending was driven by online discounting events while people also spent more on electrical goods, particularly televisions and other audio-visual equipment,” Mr Ewing said.
Food-related sectors also experienced steady growth with cafes, restaurants, and takeaway food services up 0.3%, alongside food retailing, which also rebounded by 0.3% amid stronger liquor sales.
All states and territories recorded a rise in retail turnover except for the Northern Territory, which fell by 0.5%.
The strongest gains were recorded in South Australia, up 1.3%, Tasmania, lifting 1.1%, and Victoria, rising 0.9%.