Pic Credit: abc.net.au
Australia’s economy has good news for retailers. The economy has shown the signs of recovery after COVID-19, as consumers, especially pandemic-weary Victorians, begin to spend their savings on lockdown.
Retail sales raised approx to $29.6 billion in October, up 1.4 per cent compared to the last month.
The Bureau of Statistics (ABS) estimates also announced that sales had grown (+7.1pc) over the past one year.
The ABS said the outcome was made by Victoria’s “reopening of physical shops,” as severe COVID-19 lockdown limitations started to ease somewhat.
And people started spending lockdown savings.
The numbers reveal the opening lights of hope for retailers as Melbourne’s lockdown closed.
Victoria’s sale jumped 5.1 per cent, away from higher than any other territory or state.
The state declared an easing of restrictions in mid of October and officially lifted many community events, dine-in hospitality, and retail closures on October 27.
Comparatively, the retail market rose slowly in South Australia (+0.6pc), New South Wales (+0.7pc), and Western Australia (+1pc).
However they fell down in Tasmania (-1.4pc), Australia Capital Territory (-0.1pc), Queensland (-0.5pc), and the Northern Territory (-0.6pc).
And online sales made up total retail turnover 10.4 per cent of in October.
Out of many Melbournians, fashion blogger Hayley Hughes started shopping in mid-October to prepare the lockdown to end.
“During the lockdown, I had saved more than I ever have been able to save in my entire life. I was not going out. The only thing I shop for was tracksuits,” Hayley Hughes said.
By buying a dress online in late October, she celebrated the easing of Melbourne’s restrictions.
Head of the Australian Retailers Association, Paul Zahra, said achieving “any level of retail growth in a coronavirus pandemic is a really appreciable result.”
“We can check the results of the government motive across spending trends and retail performance in 20202 — moving us in no doubt that stimulus goes for retail,” Mr Zahra said.
He said while it was large retail trade was rising, he was “mindful of the pain” being felt by retailers “significantly impacted by lockdown and social distancing.”