Key points:

• The NAB Online Retail Sales Index slowed slightly in February to 0.2% (mom, s.a.), compared to revised January growth of 0.3%). Year on year growth slowed from a revised 12.1% in January to 10.1% in February. The revised trend estimate for online retail sales continues to slow, currently at 0.3%, down from 0.5% last month.

• ABS data on traditional retailers showed month on month seasonally adjusted grew 0.4% in January, with year on year growth of 2.2%.

• We estimate that Australian consumers have spent around $22 billion over the last 12 months to February 2017. This is equivalent to 7.2% of spending at traditional bricks & mortar retailers as measured by the ABS in the 12 months to January 2017.

• Categories were mixed in February with an improvement in Food Catering (28.6% yoy Feb vs 25.8% yoy Dec), Personal and Recreational Goods (17.5% yoy vs 15% yoy), Media (17% yoy vs 14% yoy), and Department Stores (9.6% yoy vs 7.3% yoy)  offset by slowing in Homeware and Appliances (18.4% yoy vs 22.1% yoy), Fashion (9.2% yoy vs 12.6% yoy), Groceries and Liquor (1.3% yoy vs 5.1% yoy), Daily Deals (-1.8% yoy vs 3.4% yoy) and  Games and Toys(1.3% yoy vs  4.5% yoy)

• SME sales represents just over a third of all online sales. In the month, SME sales (+1.7%,mom s.a.) outpaced  the larger retailers after a weak December result (-1.9%). Year on year growth for SMEs (18.5%) was also considerably stronger than Corporates (10.1%).

For further details, please see the attached document. 

• NAB Online Retail Sales Index:  February 2017 ( 823kb)