Australian retail sales reversed sharply in April after a record hike the month before. The record-breaking drop followed as lockdown restrictions aimed at containing the spread of the coronavirus dragged demand for apparel, travel, and dining.
The Australian Bureau of Statistics released on Wednesday its initial forecast, showing that the retail sector dropped a total of 17.9% in April. This came to be the sharpest reversal following an 8.5% increase the previous month.
The figures indicated a slump in apparel, cafes, and restaurant demand, putting emphasis that the sector shed around half the rate it recorded back in April 2019. More so, the country s cashless retail sales index also declined by 5.3% in April.
The final sales forecast is expected on June 4. Meanwhile, the land down under faces its sharpest economic inactivity and its first recession in 30 years.
https://www.umarkets.com/en/news/australian-retail-sales-record-a-historic-drop-in-april