Posted 1/30/2024, 5:49:50 AM
Retail Sales Drop in December as Shoppers Pull Back on Spending
- Retail sales fell 2.7% in December as shoppers brought forward spending to November to take advantage of Black Friday sales
- Spending remains subdued, with declines across most categories except food
- Hospitality spending on cafes and restaurants continues to fall despite strong population and pricing growth
- Economists are concerned about signs of further consumer pullback amid cost-of-living pressures
- The RBA will examine December quarter CPI figures released Wednesday for signs of cooling inflation