Australia’s NAB Online Retail Sales Index (NORSI) slowed slightly in May (+1.2% mom s.a.) from stronger growth in April (1.6%), while the 12 months to growth was also slower in May, with sales up 17.2% compared to April’s 12 month to growth of 18.4%, points out the research team at NAB.
Key Quotes
“ABS data on traditional retailers showed month on month seasonally adjusted sales grew 0.4% in April, substantially outpaced by NORSI in that month.”
“We estimate that Australian consumers have spent around $26.08 billion over the 12 months to May 2018. This is equivalent to 8.3% of spending at traditional bricks & mortar retailers, as measured by the ABS in the 12 months to April 2018.”
“Generally moderate slowing for six of nine categories in May, but all maintain double digit 12-months to growth.”
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