SYDNEY, Jan. 9 (Xinhua) -- Australia saw higher-than-expected retail sales in November 2023 triggered by stronger Black Friday sales as compared with the same time in 2022, said a local bank report on Tuesday.
Figures from the Australian Bureau of Statistics (ABS) on Tuesday showed that the nominal retail turnover rose 2 percent in November 2023 as compared with the previous month, beating the earlier expectation of 1.2 percent. It followed a fall of 0.4 percent in October 2023 and an increase of 1 percent in September 2023.
The November growth implied a strong result from Black Friday sales, which recorded a yearly increase of 2.2 percent, said Ryan Wells, an economist of Westpac Banking Corporation, in the report.
Over recent years, an increasing share of spending in the December quarter has been taking place during these sales, he added.
Looking forward, it is expected to see a letdown in spending momentum post-Black Friday, according to Wells. How far this will translate into softer measured retail turnover is unclear, but it is consistent with a weak consumer sector, he noted. ■
