Australian online retail sales accelerated sharply in November, according to the National Australia Bank, an outcome that bodes well for Australia’s official retail sales report for November scheduled for release on Tuesday.
The bank’s online retail sales index jumped by 1.1% in November in seasonally adjusted terms, more than double the 0.5% pace reported in the previous month.
A promising sign for total retail spending in November, particularly as the increase in the NAB’s online index in September mirrored that reported by the ABS.
Despite the enormous jump seen in November, the annual pace of sales slowed to a still brisk 13.3%, down from the 14.4% level seen in the year to September.
As a result of that solid increase, the NAB estimates that total online retail sales over the past year stood at $21.4 billion, or around 7.1% of total retail sales reported by the ABS.
The chart below shows the growth in Australian online retail sales compared to total retail sales reported by the ABS. While online sales remains a small proportion of total retail sales, it’s clearly growing at a faster pace than those in traditional bricks-and-mortar stores.
Australia’s November retail sales report will be released at 11.30am AEDT on Tuesday, January 10.
An increase of 0.4% is expected, down fractionally on the 0.5% gain reported previously.