GDP rose by 0.2% q/q (1.0% y/y) marginally weaker than we expected (and in line with consensus).
Article
August 30, 2024
NAB Online Retail Sales Index – July 2024
On a month-on-month, seasonally adjusted basis, the index contracted in July (-2.6%), following downwardly revised growth in June (2.5%, was 2.8%).
Key Points
- On a month-on-month, seasonally adjusted basis, the index contracted in July (-2.6%), following downwardly revised growth in June (2.5%, was 2.8%)
- Growth slowed in year-on-year terms (9.4% y/y), with June also revised down slightly (13.3%, was 14.0% previously published).
- Growth contracted for all categories in July, with the exception of takeaway food, and department stores. The categories that recorded the largest reversals in July, homewares and appliances, and fashion, had gained the most in June. Department stores, the only category to record continued growth in July, also recorded strong growth in year-on-year terms, well beyond all other categories. For more detail, see charts 3, 5, 7 & 8 and table 3 below.
- Growth contracted for all states this month, except WA, and to a lesser extent, QLD which was virtually flat (+0.1%). Of the large sales states, the biggest drop was recorded in NSW, which had led the largest sales states in the month prior. Homewares and appliances was negative across all states including WA, which also recorded a contraction for the category last month. See charts 4, 6, 9-14, and table 3 for more detail.
- Mixed results for metro and regional this month, with SA reversing the rapid increase in regional areas observed in June, and a slightly smaller decline for metro NSW. Regional areas performed better in all other states. In year-on-year terms, however, metro growth continues to outpace regional in all states except QLD. See Charts 15 and 16 for more detail.
- Both Domestic and International retailers contracted in the month, albeit less so for international. See charts 13 and 14, and table 4 for category growth and share.
- NAB estimates that in the 12 months to July, Australians spent $58.01 billion on online retail, a level that is around 13.5% of the total retail trade estimate (June 2024, Series 8501, Australian Bureau of Statistics), with the acceleration in growth (8.1%) almost unchanged relative to the month prior.
Read the full report here: NAB Online Retail Sales Index – JUL24
