Rick
The ANZ-Roy Morgan’s weekly survey showed Australian consumer confidence fell to its lowest level since the peak of the pandemic shock in April 2020.
A record 56 per cent of families surveyed last week said they felt financially worse off than this time last year, with 37 per cent planning for “bad” economic times over the next 12 months. Overall, confidence levels were equivalent to those last recorded in the 1990-91 recession. https://www.afr.com/markets/equity-markets/asx-retail-stocks-are-on-a-horror-run-for-good-reason-20230525-p5db5c
Today we’ll find out how retail performed during April from the ABS https://www.abs.gov.au/statistics/industry/retail-and-wholesale-trade/retail-trade-australia/latest-release
Rick
The latest ABS retail statistics have been released. Overall the results weren’t terrible:
Key statistics
The April 2023 seasonally adjusted estimate:
- Remained relatively unchanged 0.0% month-on-month.
- Rose 4.2% compared with April 2022.
The deterioration in consumer confidence possibly increased after this report. There is likely to be huge differences in how different retailers perform depending on the sector and geography.
Household goods are showing the biggest decline. Clothing, footwear and personal accessories are doing OK.
Tasmania is doing it tough, while WA is powering ahead.
May results might tell a completely different story for retailers if the consumer confidence survey is any indication.