It didn’t come as a complete surprise but still left many shocked all the same with figures released today showing that Retail trade dropped by a monstrous 17.7 per cent in April. Spending has not been this low since 1995 showing how far the retail market dropped. The Australia Bureau of Statistics confirmed the figures and highlighted that it was the biggest ever drop in retail spending all due to the Coronavirus and resultant lockdown measures.
Preliminary figures released last month from Australia Bureau of Statistics predicted a 17.9 per cent fall for April so at least the true figures are slightly better than expected. This big jump is on the back of an 8.5 per cent jump in March where shoppers took to supermarkets and furniture stores to panic buy and prepare for isolation.
Most of the record falls were due to cafes, takeaway and restaurants where the options to trade were limited due to the lockdown requirements. The biggest loser was clearly footwear and personal accessories which declined by an enormous 53.6 per cent. Department stores didn’t fare as badly but still dropped 14.9 per cent.
Online stores have done well with many turning to online to feed their shopping habits. Stores such as Connor have performed well. Get a Connor promo code for your purchase.
The outlook for retail is expected to be fragile despite easing lockdowns and people getting back to regular life due to the job security. Australia is officially in a recession and people are not confident that the economy will recover anytime soon.