Retail year started better than expected
Trade figures released today by the ABS represent a better than expected start to the retail year.
Australian Retailers Association says the figures show 3.11 percent total growth year-on-year.
Post-Christmas spending estimates by the ARA and Roy Morgan Research predicted sales growth of 2.9 percent over this period, and exceeding this figure is a strong sign for a broader rebound in the retail sector.
Says ARA executive director Russell Zimmerman, "Coming off the back of a moderate Christmas sales period, this post-Christmas sales figure is positive indication for the rest of the trading year.
"We are expecting this future growth to be complimented by improved conditions due the forthcoming reduction in Sunday Penalty Rates, leading to increased trading hours and greater sales volumes."
Clothing, footwear and personal accessory retailing saw a strong growth of 5.18 percent year-on-year, continuing December's positive sales trend, warm summer weather and sustained post-Christmas discounting cycles.
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