PT Solid Gold Berjangka | Australian Retail Sales Jump in November on Black Friday Offers

03:30 09 January in Economy, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

Ekonomi Australia Ritel sales Australian Retail Sales PT SGB Solid Group SG Berjangka Solid Gold Berjangka

Solid Gold Berjangka | Australian retail sales jumped by more than economists had predicted in November as consumers brought forward their Christmas shopping to take advantage of Black Friday discounts.

Sales jumped 2% from a month earlier, compared with estimates for a 1.2% rise, Australian Bureau of Statistics data showed Tuesday. The result was the strongest since November 2021 when it rose 6%.

“Black Friday sales were again a big hit this year, with retailers starting promotional periods earlier and running them for longer, compared to previous years,” said Robert Ewing, ABS head of business statistics.

The solid result follows a downwardly revised 0.4% decline in October, suggesting “consumers held back on discretionary spending in October to take advantage of discounts in November,” Ewing added. “Shoppers may have also brought forward some Christmas spending that would usually happen in December.”

Retail sales are often an important consideration in rate decisions — with the Reserve Bank’s first meeting of the year scheduled for Feb. 5-6 — given consumption accounts for more than half of gross domestic product. The RBA left its key policy rate at a 12-year high of 4.35% last month and warned further tightening might be needed to tame inflation.

Source : Bloomberg