Australian Retail Sales Rise More Than Expected in July
Australian retail sales increases have exceeded expectations in July pertaining to elevated strength in the jobs market which kept consumer demand high despite rising inflation levels.
Preliminary data from the Australian Bureau of Statistics (ABS) depicted a 1.3% retail trade increase in July which far exceeded the projected rise of 0.3%. The seasonally adjusted estimate showed a 16.5% annual increase compared to last year.
Strength in Australia’s jobs market has proved critical in the journey to recovery from the pandemic. Whilst growth in wages has still largely lagged behind inflation this year, unemployment is at a 48 year low in the country.
Key retail industries such as Cafes, restaurants and takeaway food services in particular have done exceptionally well in not only recovering from the dip but now exceeding pre Covid monthly estimates of turnover and volumes for retail businesses reaching a peak of $5,001.9 million.
This dramatic increase is partially due to the arrival of new overseas visitors and migrants as borders open up. Other key retail industries such as food, clothing and department stores all stand to gain with positive average increases in retail activity over the past few months with no signs of plateauing.
Spring time is traditionally the best time of the year to buy and sell businesses. Increased retail activity and higher levels of consumer competition means that oftentimes businesses are able to be sold for higher profits during this season. Likewise, many new businesses are being listed with buyers gaining a wider range of choices.
Buy or sell your business today through First Choice Business Brokers or contact us for a quick and hassle free discussion.
