Our NAB Online retail sales index data indicates a return to sales growth in May 2019, after considerable weakness in April.

The NAB Online Retail Sales Index contracted -3.8% in April on a month-on-month, seasonally adjusted basis.

The NAB Online Retail Sales Index rebounded strongly in March with sales growth of 1.7% month-on-month, after one of its worst growth rates in the series history in February.

It appears that broader weakness in retail is flowing through to online.

The NAB Online Retail Sales Index recorded -0.5% month-on-month contraction in January, following on from a -1.9% contraction in December.

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.

Online sales growth faster over the month, slower for the year.

The NAB Cashless Retail Sales Index gained 0.8% in October on a month-on-month basis, rebounding from a much weaker 0.2% in September.

In seasonally adjusted terms, at 0.3%, online retail sales slowed in September. The 12 months to growth rate is also slower.

The NAB Cashless Retail Sales Index gained 1.1% in August on a month-on-month basis, following a gain of 0.7% (revised) in July.

Online sales growth on par with June, faster over the year

Consumer anxiety up steeply in Q2. Overall spending tightens as concerns about the economy and our household financial positions grow. Spending on utilities a key expense, and growing.

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