After a weak mid-year period, online retail sales continued to grow in September, albeit at a more moderate pace than the significant growth rate recorded in August.
Low wage growth, high personal debt levels and a weakening housing market – particularly in Sydney and Melbourne – have made consumers reluctant to spend on non-essentials.
Our NAB Online Retail Sales Index data indicates that there was a rebound in online spend in February.
The NAB Online Retail Sales Index contracted slightly in May, after recording the most rapid growth in the series history in April.
Insight
National Australia Bank’s latest Online Retail Sales Index (NORSI) shows online spending grew by 13.5% in the 12 months to June 2016. While still strong, growth has flattened from the year-on-year growth seen back in 2011 when the index was first established.
NAB Online Retail Sales Index data indicates that volatility continues in sales, with a jump in November sales after contracting in October.
Our NAB Online Retail Sales Index data indicates that the rebound in online spend continued in March, with a large jump in sales.
Our data indicates that there was a contraction in online retail sales spend in January relative to December.
Online retail rebounds after two weak months with the largest spend category Homewares and Appliances being a key contributor, although sales growth for this category has been relatively weak over the past year.
Our NAB Online Retail Sales Index data indicates that after two solid months of growth in August and September, online retail sales weakened in October.
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