© Reuters. FILE PHOTO: Shoppers walk past sales signs on display in the window of a retail store at a shopping mall in Sydney, Australia, September 4, 2018. Picture taken September 4, 2018. REUTERS/David Gray/File Photo
SYDNEY (Reuters) – Australian retail sales slammed into reverse in December as shoppers restrained themselves after a big splurge the month before, while annual growth in spending slowed to lows last seen during the COVID-19 pandemic lockdowns.
Data from the Australian Bureau of Statistics (ABS) out on Tuesday showed retail sales slid in December 2.7% on a seasonally adjusted basis, after rising 1.6% in November as Black Friday bargains brought spending forward. Analysts had looked for a drop of at least 1% in December.
Sales of A$35.2 billion ($23.27 billion) were up just 0.8% from a year earlier, a result typically only seen in recessions and considered very weak given the country’s rapid population growth.
($1 = 1.5124 Australian dollars)
This story originally appeared on Investing
