The Australian Bureau of Statistics (ABS) has revealed some bright news for Australian retail to coincide with today’s Black Friday sales.
According to the October retail trade report compiled by the ABS, sales soared by 4.9 per cent on September’s results.
NRA CEO Dominique Lamb said the end of lockdowns in several states certainly was the catalyst for the increase, but noted that sales were also up 5.2 per cent compared to October 2020.
“The October ABS results are certainly some bright news for retail on Black Friday,” Ms Lamb said.
“New South Wales and the ACT coming out of lockdown always meant we were going to see improvement from September’s figures, but there were rises in six of the eight states and territories.
“Discretionary spending appeared to be strong for October, with rises in five of the six categories.”
Ms Lamb said that the results bode well for the sector given the Christmas trade period will take on added significance in 2021.
“The October rise should provide a shot in the arm for retailers across the country, given the results have been released on one of the busiest days on the shopping calendar – Black Friday,”
“We’re forecasting a record $5.6 billion in sales across Australia on the four days from Black Friday to Cyber Monday. We encourage shoppers to take full advantage of the many great deals on offer and to support local businesses.
“Australia’s two largest cities have been in prolonged lockdown throughout 2021. This November and December will prove crucial to not only retail but the broader economy.
“With state economies continuing to open and border closures being lifted, we’re optimistic that retail will charge home in the final straight for 2021.”