Australia: Retail sales dip in April – ANZ

Analysts at ANZ note that Australia’s retail sales fell -0.1% m/m in April, below market expectations while in annual terms, sales growth continued its moderation, coming to 2.8% (a fall from March 3.2% and Feb 3.5%).

Key Quotes

“Since 2019 is a holiday year (ANZAC day and Easter Sunday fell within a week of each other), retail sales for the month skewed towards department stores and recreational goods and away from catered food, homewares and clothing, compared to March.”

“In the last few months, department stores and food retailers have grown above average (in 3m/3m terms), while cafes/restaurants and household goods were weak.”

“Growth in April was concentrated in Qld and SA, while NSW and Vic weakened compared with March.”