Australia’s retail sales volume declined by -0.6% qoq to AUD 96.17 billion in Q1 2023. Through the year, sales volume only managed to register a modest 0.3% yoy growth in the quarter.
ABS’s head of retail statistics, Ben Dorber, noted that this marked the second consecutive quarter of falling retail sales volumes, primarily influenced by mounting cost of living pressures that continue to burden household spending.
“Outside of the COVID-19 pandemic period, this is the largest fall in retail sales volumes since the September quarter of 2009,” Dorber stated, underlining the gravity of the situation.
Meanwhile, retail prices growth has slowed to 0.6% qoq in Q1. “Retail prices rose for the sixth straight quarter, but price growth this quarter is the smallest since September 2021,” Dorber added.
He attributed the slowdown in price growth mainly to discounts on clothing and larger household items such as furniture and electronic goods. However, he noted that food retailing prices continued their upward trajectory.
