Australia’s NAB Online Retail Sales Index (NORSI) in July (+1.3% mom s.a.) was on par with June, from stronger growth in May (1.7%), notes the research team at NAB.
Key Quotes
“12 months to growth accelerated in July, with sales up 18.8%. While slowing, trend online retail sales is still much stronger compared to the same period a year ago.”
“ABS data on traditional retailers showed month on month seasonally adjusted sales grew 2.6% in June, substantially outpaced by NORSI in that month.”
“We estimate that Australian consumers have spent around $26.88 billion over the 12 months to July 2018. This is equivalent to 8.5% of spending at traditional bricks & mortar retailers, as measured by the ABS in the 12 months to June 2018.”
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