Online sales slightly slow in July, but growing over the year: NAB retail index

Online sales slightly slow in July, but growing over the year: NAB retail index
Online sales slightly slow in July, but growing over the year: NAB retail index

Online retail sales slowed in July, falling for the second consecutive month, though it still grew higher than traditional retail, according to the NAB Online Retail Sales Index.

The index slowed in July (+0.4% mom s.a.). The slowing in the past couple of months is on the back of the May sales rebound(+1.5%,mom s.a.). 

The year-on-year growth was also slightly weaker in July (8.3%) but remained positive. Trend online retail sales (+0.5%) were slightly more subdued compared to the previous two months (0.6%).

ABS data on traditional retailers showed month on month seasonally adjusted sales up 0.3% in June. However, NORSI was still faster month-on-month.

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 Online sales slightly slow in July, but growing over the year: NAB retail index

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Online sales slightly slow in July, but growing over the year: NAB retail index

“We estimate that Australian consumers have spent around $23.06 billion over the 12 months to July 2017. This is equivalent to 7.5% of spending at traditional bricks & mortar retailers, as measured by the ABS in the 12 months to June 2017,” said NAB in a media release.

Mixed results by category this month, with Department Stores (12.1% yoy July  vs 8.4% yoy June), Grocery and Liquor (7.7% vs 5.4%), Daily Deals (6.5% vs 5.3%), and Fashion (0.7% vs -2.4%) accelerating through the year. 

The largest spend share, Homeware and Appliances (15.4% vs 16.0%) was only slightly slower over the year, and maintains the fastest overall growth position. 

Games and Toys (11.9% vs 12.0%) sales were virtually unchanged while, Media growth halved in the 12 months to July (8.1% vs 16.7%). 

Personal and Recreational (2.0% vs 2.7%), and Food Catering (11.5% vs 13.6%) also slowed but remained positive.

SME sales made up just a little over a third of all online sales. Seasonally adjusted SME sales saw a mild contraction in the month (-0.1%,mom s.a.) despite strong year-on-year growth for SMEs (17.5%).

Tags: 
Nab Retail Sales

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