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AUD: Online sales surged 0.6 per cent in August - NAB

FXStreet (Delhi) - Alan Oster, Chief Economist at NAB, notes that the latest seasonally adjusted NAB online retail sales index showed that sales grew at 0.6% in August, which is an improvement on the -1.4% recorded in July.

Key Quotes

“At 0.4%, the trend estimate for online retail sales was lower than the previous month (0.5%), suggesting that looking through the month to month volatility, sales are still growing but at a much slower rate than in past periods. We estimate that online sales are now 7% higher compared to a year ago.”

“In dollar terms, we estimate Australians spent $17.5 billion on online retail in the 12 months to August 2015.”

“In year on year terms, all categories except daily deals (-16.3% yoy) recorded growth in August. Growth accelerated for electronic games and toys (+27.2% yoy), which still leads growth, along with media (+17.7% yoy), fashion(11.4%), and personal & recreational goods (+7.3%). Growth was stable for department and variety stores (1.9% yoy), while both grocery & liquor and homewares slowed.”

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