Australian shoppers continue to fuel the retail sector, with February sales increasing month-on-month, despite ongoing problems around the world.
A report of Mastercard SpendingPulse indicates that retail sales increased in February, increasing by 8.1% compared to the same period in 2021.
Additionally, the report revealed retail sales were up three from January and 14% from pre-pandemic levels in 2020.
With ongoing conflicts in Ukraine, supply chain issues and continued inflation, Paul Zahra, CEO of ARA, said consumer spending remained optimistic.
“Retailers have weathered the worst of the pandemic, but we have now entered a period of global economic uncertainty, which has strained global energy supplies and impacted cost of living pressures, rising inflation is also a significant concern,” he said.
“There are other local issues at play with Covid-related supply chain issues and the devastating floods in New South Wales and Queensland, which are also impacting business costs and traffic. of goods, coupled with ongoing staff shortages. Despite difficult business conditions, consumer spending remained upbeat in February and most retail categories posted positive year-over-year growth.
Every state and territory in Australia recorded an increase in retail sales across the board, according to the report. The biggest increase was recorded in Victoria, which was up 11.8% from February 2021. This was followed by WA, which was up 10% year-on-year, and Tasmania, up 9 .3% over one year.
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