Retailers still waiting for growth as new figures show retail was up just 3% year on year.
|Growth in Australian retail unsteady as the latest figures show industry turnover fell slightly to $21.7bn in January-March this year with just 3% growth, according to the AFGC CHEP Retail Index |
But bad news for retailers as growth is expected to ease further in 2013.
The Index forecasts retail in the month of May will rise 2.8 per cent (year on year) to $21.9 billion but will fall to 2.6% by the June quarter.
"Retail conditions have been soft through the beginning of 2013, and the Index confirms that consumer confidence remains fragile, with low interest rates yet to bring a sustained lift in the retail sector." said Australian Food & Grocery Council (AFCG) CEO, Gary Dawson.
The Index - a lead indicator of ABS Retail Trade data indicates official retail
figures for March, due out soon, will show growth of 2.6 per cent with turnover of
Major retailers including JB Hi-Fi and Harvey Norman reported an upturn in sales in the early months of 2013 compared to last year although remain cautious about the year ahead.
The AFGC CHEP Retail Index is a collaborative project between the AFGC and CHEP Australia, in associaiton with Deloitte.