Australia retail sales rose 1.4% mom in November, well above expectation of 0.7% mom. The seasonally adjusted turnover of AUD 35.92B was a new record high.
Ben Dorber, ABS head of retail statistics, said, “While we typically see a rise in spending around Black Friday sales, the strong seasonally adjusted rise in November 2022 shows that the effect is increasing over time, as the event has become more common across retailers and sales periods become longer.”
“Given the increasing popularity of Black Friday sales, the smaller increase in October may reflect consumers waiting to take advantage of discounting in November, particularly in light of cost-of-living pressures.”
