Retail sales tank in April

The Australian Bureau of Statistics has revealed, to no one’s surprise, that retail sales in April dropped off a cliff. In fact, retail sales dropped by 17.7 per cent for the month of April on the back of a 8.5% jump in March. This 17.7 per cent drop was the biggest on record just like the the 8.5 per cent increase in March which was also a record. In actual dollars, retail sales recorded a $5.32 billion drop in April compared to the retail figure in March.
One of the biggest and most concerning drops was the decrease in discretionary spending. There we massive drops in spending in cafes, takeaway and restaurants which recorded a 35.4 per cent drop. Also taking a big hit was clothing and footwear which dropped a larger 53.6 per cent.
These poor figures are what is spurring the government into trying to get the economy going again as quick as possible. The drop in April represents a 2.1 per cent drop in GDP and has triggered Australia’s first recession for many years.
Most stats have recorded big drops however Victoria was the hardest hit with a drop of 21.1 per cent. There was however, one bright spot with online retailing increasing in April. Online stores were able to thrive in this environment. Stores like Forever New with their mature online store have done well giving customers a Forever New discount code when you they shop online. Forever New sales have attracted customers to their website.