Australia Retail Sales (Preliminary) March: +8.2% MoM

Australia Retail Trade (Preliminary of Sales) for March is out with a huge +8.2% MoM considering the circumstances. That beat the previous record of 8.1% from 2002 when consumers brought forward purchases ahead of a goods and services tax. The data contains preliminary monthly aggregate estimates of retail turnover in Australia. All in all, ABS says the March increase was the strongest seasonally adjusted rise ever in the series.

Key notes

• ABS says march sales data indicate unprecedented demand in food retailing industry.
• ABS says strong sales across supermarkets, liquor retailing and other specialised food.
• ABS says monthly turnover doubled for products such as toilet and tissue paper, and rice and pasta.
• ABS says saw strong falls in cafes, restaurants and takeaway food services, and clothing.
• ABS says March increase was the strongest seasonally adjusted rise ever in the series.

With the data surging by the most on record in March, its peculiar that Aussie hasn't taken off. However, on reflection, the data is factoring in panic buying as the population got set for the lockdown and social distancing, taking more home with them than usual in preparation for the long haul. A lockdown for the coronavirus spurred panic buying of food and other staples, completely outweighing a dive in demand for clothing and eating out. The final estimate of sales is due on May 6th.