37 mins ago in The Australian Trading Day - Business live feed: Link here
Online retail sale rebound: NAB
Online retail sales rebounded in November, helped by the growth of the Black Friday sales event, according to NAB’s latest survey.
The bank’s monthly read on online sales lifted by 2.4 per cent in Novemeber from an upwardly revised contraction of 1 per cent in October.
In part, a rise in Black Friday shopping helped to drive a lift in some retail categories - with 62 per cent growth in sales from the same sales event in the previous year, accounting for 10 per cent of the total online sales for the month.
Homewares and appliances, department stores and recreational goods were the drivers of the growth, with a lesser boost from fashion sales.
Across the month, takeaway sales experienced the greatest lift, followed by larger sale categories such as department stores, fashion and homewares.
“In the context of the months sales, the (Black Friday) effect is more limited (indeed monthly sales increases were relatively smaller compared to past years),” NAB chief economist Alan Oster said.
“This may be partly explained by potential inter-temporal shift in spending patterns, where consumers save earlier in the month to take advantage of the sales event. For more detail on this sales event we have a special in focus section below.”
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