Australian retail sales only rose 0.3% for December 2023. If we average November and December, given the Black Friday pull-forward, growth was still a weak 1.1%. The additional detail for December highlights a consumer that is increasingly cautious. Café & restaurant sales were particularly weak, along with liquor and all household goods categories declined.

Australian retail sales for November rose 2.1%. Black Friday promotions drove improvements particularly in electronics, department stores and furniture. Online food and non-food were both positive, with online food strength growing double-digits. While there are concerns about a pull forward of sales into November, our feedback suggests December sales held up reasonably well.