Australian retail is on a road to recovery after today’s Australian Bureau of Statistics (ABS) report for October revealed that nationwide turnover rose by 1.4 per cent.
“Retail is on a road to recovery and the timing could not be better as the sector heads into Christmas,” Ms Carroll said.
“The October sales spike is very encouraging and bodes well for a merry Christmas for retailers across the country.
“The further loosening of lockdown measures since October, particularly in relation to state border closures, should only see the retail resurgence continue.
“Black Friday was a runaway success and we expect that to be reflected in the November ABS results.”
Ms Carroll said that with Australia now officially out of recession, the retail sector would prove pivotal in seeing just how quickly the economy rebounds.
“Retail is the second largest employer of any sector of the Australian economy. It provides jobs to people of all ages, demographics and backgrounds,”
“With Australia now officially out of recession, attention will now turn to how fast the recovery is and how retail performs in the coming months will play a big part in that.
“With the Christmas trade season well under way, we urge shoppers to not be shy and splurge at the checkout to help turbocharge Australia’s economic resurgence.
The NRA is forecasting $52.4 billion nationwide to be spent over the Christmas period and further information can be found at their dedicated festive season website: https://www.christmasretailaustralia.net.au/