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Australian retail turnover remained flat in July 2024, with the clothing sector leading the decline, according to seasonally adjusted figures released by the Australian Bureau of Statistics (ABS). This follows modest growth of 0.5 per cent in both June and May 2024, suggesting a potential slowdown in the retail sector.
The clothing, footwear, and personal accessory retailing sector saw the most significant downturn, with a 0.5 per cent drop in turnover. Clothing retailing, in particular, experienced a notable decrease of 0.9 per cent, equivalent to a $17.2 million reduction. However, footwear and other personal accessory retailing provided a slight offset, rising by 0.3 per cent, or $2.9 million.
Department stores also contributed to the stagnation, with a 0.4 per cent decline in turnover, amounting to a $7.2 million decrease in seasonally adjusted terms, as per ABS.
Retail turnover growth was mixed across Australia, with four states and territories recording increases while the remaining four saw declines. Western Australia stood out as the strongest performer, continuing its upward trajectory for the seventh consecutive month, with retail turnover rising by 4.6 per cent compared to July 2023.
Australian retail turnover remained flat in July 2024, with clothing retail leading the decline, down 0.9 per cent ($17.2 million).
The overall retail sector showed no growth after 0.5 per cent increases in June and May.
Department stores fell 0.4 per cent, while Western Australia saw a 4.6 per cent rise, marking its seventh consecutive month of growth.
Fibre2Fashion News Desk (DP)
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