Cashed-up consumers boost retail sales
It appears consumers are finally spending their stimulus payments, with news that retail sales grew by 0.3 percent in April, amounting to $19.3 billion.
Access Economics has estimated the Government’s handouts contributed $615 million to retail sales in April.
Sales of household goods experienced the biggest lift, surging 3.9 percent in April, aided by the stimulus payments and demand from first home buyers.
Australian Retailers Association executive director Richard Evans said this is a sign cashed-up consumers are “slowly coming out of financial hibernation and spending money on purchases they’ve been delaying over the past year.”
Retailers remain optimistic about future growth, but recovery will be patchy says Evans.
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