The retail industry experienced some much needed growth in the month of January, off the back of extended retail sale periods, along with the Government’s December stimulus package.
ABS retail figures for January show that retail turnover increased by 0.2 percent on December’s massive leap of 3.8 percent.
Australian National Retailers Association CEO Margy Osmond, was pleased with the results.
“This positive result for January shows that growth has been sustained which is great news.”
Access Economics prepared an analysis of these figures for the ANRA and concluded that the combination of the stimulus package, interest rate cuts, and extended retail sales periods boosted spending over December and January by $1.3 billion.
“The flow through effect of the interest rate cuts and the second stimulus package will be vital in maintaining confidence in the retail sector and giving Australia’s largest employers the prospect of increasing sales in 2009,” said Osmond.
By sector, food retailing experienced the biggest jump, up 1.5 percent, while clothing and soft good retailing rose by 0.8 percent.
Australian Retailers Association executive director Richard Evans said the results were a positive sign and highlights that consumers are starting to emerge from their “self-imposed exile from the market.”
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