NAB has released its online retail sales index for November, which registered the slowest sales growth in the index’s history, with online sales contracting a seasonally adjusted 0.2% over the month to be up just 3.9% over the year:
In dollar terms, we estimate Australians spent $16.3 billion on online retail in the 12 months to November 2014. This level is equivalent to 6.8% of spending at traditional bricks & mortar retailers as measured by the ABS (excluding cafés, restaurants and takeaway food, to create a like-for-like comparison) in the 12 months to October 2014…
This is the slowest growth rate (either monthly or annual) in the series history. The slower growth has followed a recent growth surge, with year on year growth from June to October averaging over 11%…
Despite the general slowdown, at category level in year on year terms, Electronic Games and Toys (39.4%) maintained its recent momentum, although this segment accounts for about 3% of spend. Other key growth areas included Media (8.7%), Groceries and Liquor (7.4%), Fashion (6.2%), and Department and Variety stores (4%). One of the largest spend segments, Homewares and Appliances, contracted (-3.1%).
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
