Last week the National Retail Association (NRA) released the 3rd edition of our Quarterly Economic Outlook Report, delving into the key statistics from the December quarter and what to look out for in the months ahead.
In what is typically the strongest period for retail, new market shifts have emerged showing significant increases in activity for the month of November. Of course, this reflects the growing popularity of Black Friday and Cyber Monday sales which boosted online sales, however December remains the strongest month for retail.
Compared to the same quarter in the year prior, both annual turnover and household spending rose by 11 percent. This reflects signs of inflation, but prices are starting to normalise. As expected, there was a spike in holiday spending on discretionary goods.
You can find this report in our member portal here, and I encourage all members to download a copy.
The federal government’s energy efficiency grant program has opened for applications from small and medium-sized businesses. Energy is one of the biggest overheads for retailers, so if you are looking to save energy costs in the long term and future-proof your business, I strongly encourage you to apply. You can go directly to the application page here.
As always, the NRA is here to help our members stay ahead of the curve with retail business and support is only ever a call away to 1800 RETAIL.
Have a great week.