Australian retail turnover fell 0.2 per cent in October, for the first time in 2022, according to recent data.
Figures released by the Australian Bureau of Statistics (ABS) demonstrate the decline, following the 0.6 per cent rise in both August and September.
ABS retail statistics head Ben Dorber said the October dip ended a run of nine straight monthly rises and suggested increased cost of living pressures, including interest rate rises, had started to weigh on consumer spending.
“Turnover fell in all industries in October except for food retailing, which rose 0.4 per cent boosted by flood-related spending in parts of Australia and continued high food prices,” he said.
According to the data, department stores had the largest fall, down 2.4 per cent, followed by clothing, footware and personal accessory retailing, down 0.6 per cent.
“Department stores fell for the second consecutive month, while clothing, footwear and personal accessory retailing is down after a 2.0 per cent rise in September. Household goods retailing fell for the second consecutive month, down 0.5 per cent, the fifth fall in the last seven months,” the ABS said.
“Cafes, restaurants and takeaway food services recorded its first fall since January 2022, down 0.4 per cent and other retailing fell 0.2 per cent.”
Mr Dorber said elevated post-lockdown demand and price increases had boosted sales throughout the year in cafes, restaurants and takeaway food services.
“A slowdown in growth in recent months, capped off by the fall in October, shows trading conditions continued to normalise,” he said.
Across Victoria, including in Hume and Whittlesea, there was a 0.1 per cent dip in retail turnover.
