The decline was particularly notable in all non-food related retail sectors. Clothing, footwear, and personal accessory retailing witnessed the steepest decline, falling by 1 per cent. This was closely followed by drops in household goods retailing and department stores, each seeing a 0.6 per cent decrease. Additionally, the sector categorised as 'other retailing' also reported a reduction, albeit a smaller one at 0.4 per cent, as per ABS.
"Retail turnover fell in October after a short-lived boost in spending in September. Turnover was down in all retail categories except food retailing. It looks like consumers hit the pause button on some discretionary spending in October, likely waiting to take advantage of discounts during Black Friday sales events in November. This is a pattern we have seen develop in recent years as Black Friday sales grow in popularity,” said Ben Dorber, ABS head of retail statistics.
ALCHEMPro News Desk (DP)
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