The ABS has released retail trade figures for December, revealing a weak outlook for an industry that may continue to flounder for some time.
New Australian Bureau of Statistics (ABS) Retail Trade figures reveal that the industry fell 0.2 percent in December last year, following a similar slip in November.
Significant contributors to the slide was other retail, hospitality and food retail, whereas rises in clothing, footwear and personal accessories (a gain of 2.1 percent), household goods retailing (0.8 percent), and department stores (0.8 percent) partially offset the loss.
The weakest areas were household goods (down 0.4 percent in trend terms) and other retailing (down 0.5 percent in trends).
These figures aren’t likely to be taken as a good sign by the Australian retail industry, instead indicating that industry will continue to suffer from unfavourable economic conditions in the near future. Should the status quo continue, more retail brands will begin to come under increasing pressure, with many tipped to fold.
Read our collection of expert opinions regarding the face of the retail industry in future years.