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In month-on-month terms, growth returned to the NAB Online Retail Sales Index, following on from a weak December result.
NAB Chief Economist, Alan Oster commented:
In month-on-month terms, growth returned to the NAB Online Retail Sales Index, following on from a weak December result. This is also reflected in our broader retail sales measure which indicates a rebound in January. Monthly growth returned to most states this month, with growth in the larger sales states generally more moderate than that recorded by some of the smaller sales states. In year-on-year terms, a stronger contraction was observed in January. While the base effects of the past two years are beginning to ease somewhat, this month’s result is a comparison to a strong result the year prior.
By category this month, the largest sales category, homewares and appliances, continued to contract. This was a far smaller monthly decline when compared to the December result for the category. However, in year-on-year terms, January was much lower than the same month a year prior. The lower sales growth of the category is continuing to erode its share in the index. Conversely, takeaway food, media, and to a lesser extent, department stores, and games and toys, gained share in the index over the past 12 months.
Get all the insights in the NAB Online Retail Sales Index (January 2023)
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