Black Friday Provides Queensland’s Retail with an Ideal Pick-Me-Up Leading into Christmas: CCIQ
Retail sales in Queensland rose 1.2% in November on a seasonally adjusted basis recording its strongest November gain in two years according to the latest data released by the Australian Bureau of Statistics (ABS).
The Chamber of Commerce and Industry Queensland (CCIQ) notes that Queensland outperformed New South Wales and Victoria, as well as the national benchmark as consumers defied a suite of subdued economic data leading into the Christmas period.
CCIQ Chief Economist, Dr Marcus Smith said that improved sales growth was a welcome development citing greater numbers of shoppers taking part in the ‘Black Friday’ shopping sales event.
“For the second time this year, growth in monthly retail figures has exceeded more than one per cent following an incredibly difficult last 12 months for many retail operators.
“The 2.9% pick-up in clothing turnover and over $20 million spent on household goods including electrical goods, hardware and building supplies as well as furniture and floor coverings provide an obvious sign that retail sales more broadly were boosted by the sales event.
“That in combination with heavy discounting has arguably encouraged consumers to spend.
“Foot traffic and people eating out was also stronger with more than $750 million spent in cafes and restaurants as well as on takeaway food,” Dr Smith said.
CCIQ notes that ABS data shows that Queensland’s retail spend was $5.672 billion for the month of November amounting to $66.135 billion over the last 12 months.