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Online spending continues to break records

Online shopping in July reached a record 62.6 per cent year-0n-year growth, breaking the previous record set in April. According to the NAB Online Retail Sales Index online spending grew 6.7 per cent month-on-month in July.

A strong contribution to the headline this month is the online sales activity from Victoria.

All eight categories recorded a sales growth in month-on-month growth terms. Growth was led by smaller sales categories, games and toys, and fashion, with these two categories rebounding from weakness in the prior two months.

Second largest category, grocery and liquor, has now recorded continuous growth for the past 13 months. With moderate but stable growth over this period, the category is the third fastest in year-on-year growth terms.

The largest sales category, homewares and appliances, was second slowest in the month.

NAB estimates that in the 12 months to July, Australians spent $37.4 billion on online retail, a level that is around 11.1% of the total retail trade estimate (Preliminary July 2020, Series 8501, Australian Bureau of Statistics), and about 28.6% higher than the 12 months to July 2019.

 

 

 

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