Retail facing speedy recovery with 1.8% spending increase.
Nationwide retail sales continued to regain momentum following the Omicron peak, according to the Australian Bureau of Statistics (ABS) report for February released 29 March 2022.
Turnover across Australia rose by 1.8% in February with the resurgence led by New South Wales and Victoria.
NRA CEO Dominique Lamb says the results demonstrate the country’s adjustment to living with Covid.
“The results for February are a very good result for the industry, paired with the increase in January the year is off to a promising start. Consumer spending is returning to normalcy with no lockdowns in place, higher vaccination rates and the easing of restrictions,” Ms Lamb said. “More workers are returning to business districts and more patrons returning to shopping centres, which is causing a strong rise in discretionary spending. Businesses are returning to normal trading conditions and overcoming staff shortages supply chain issues from previous months, we are pleased to see cafes and restaurant spending increase by 9.7%.”
Despite the increase, consumer confidence is low, with small businesses feeling the pinch from inflation. “We hope to see budgetary measures from the government this week that addresses the rising cost of living. We need to see support from the government that promotes spending, and the NRA will continue to advocate on this matter to get our local and family-owned businesses thriving again.” Ms Lamb said.
