Online Retail Sales Index: In depth report – October 2014
Australia’s online retail spending increased to $16.19 billion for the year to October 2014, or by 11.9% annually.
It now represents around 6.8% of traditional retail spending. The share of domestic spending continues to edge higher, now controlling 75.2% of total online spending. Despite a recent pickup in the traditional bricks and mortar retail sector, it was still outpaced by the improvement in online retail growth over the past quarter.
That said, recent online growth has been more subdued than the 20-30% growth rates recorded in earlier years.
By category, the results are mixed. Growth rose significantly in Electronic Games & Toys, with sales growth highly volatile and influenced by major product releases. We saw sales growth in Homewares & Appliances and Groceries & Liquor, while Personal & Recreational Goods and Daily Deals were the only sectors to have a sales decline in year on year terms.
At almost a quarter of all online spending, those aged 35-44 represent the largest spend group. However, the growth in online shopping by older Australians has been encouraging.
For further analysis, download the full report: NAB Online Retail Sales Index: In depth report – October 2014
About the Author: NAB Group Economics
NAB’s Group Economics consists of a leading team of economists who provide accurate, timely and relevant updates on domestic, international and industrial economic trends. Headed up by the Group Chief Economist, Alan Oster, the team is comprised of three distinct departments: - Australian economics and commodities - International economics - Industry economics The team publish a wealth of content including reports, surveys, forecasts and indexes.