Australia: Online sales grows 0.7% in October – NAB

Sandeep Kanihama FXStreet Contributor

Australia’s NAB Online Retail Sales Index (NORSI) in October (+0.7% mom s.a.) accelerated relative to September (0.3%) and the 12 months to growth slowed in October, with sales up 14.7% compared to September (16.7%), points out Brien McDonald, senior economist at NAB.

Key Quotes

“Trend online retail sales also slowed.”

“ABS data on traditional retailers showed month on month seasonally adjusted sales rose (0.2%) in September, almost on par with NORSI in that month.”

“Our revised estimate puts Australian online spend at around $28.5 billion over the 12 months to October 2018. This is equivalent to 9.0% of spending at traditional bricks & mortar retailers, as measured by the ABS in the 12 months to September 2018.”

“Generally moderate slowing for seven of nine categories in October, with only two categories accelerating in 12-months to growth terms.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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