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Financial News: Australia Retail Turnover Increases On Black Friday Sales

Australia Retail Turnover Increases On Black Friday Sales

01/09/2020 - 22:47:00 (RTTNews)

(RTTNews) - Australia retail turnover increased in November driven by a strong growth in Black Friday sales, the Australian Bureau of Statistics reported Friday.

Retail turnover increased 0.9 percent on a monthly basis in November, following a 0.1 percent increase in October. This was the strongest rise in two years and exceeded the expected rate of 0.4 percent.

Clothing, footwear and personal accessory retailing advanced 3.1 percent, food retailing gained 0.5 percent and household goods retailing climbed 1.2 percent. These rises were partially offset by a 0.5 percent fall in other retailing.

"While seasonal adjustment removes regular seasonal patterns associated with Black Friday based on prior results, the strong seasonally adjusted rises in a number of sub-groups this month shows that the impact of this Black Friday exceeded that of previous years," Ben James, ABS Director of Quarterly Economy Wide Surveys, said.

Matthew Hassan, a Westpac economist said much of this reflects the growing popularity of the 'Black Friday' sales event although the detail suggests traditional retail also recorded a strong gain that would be consistent with some delayed effect from recent stimulus measures - the tax offset payments that went out in the third quarter and interest rate cuts in June, July and October.

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