Swift Lift In February Retail Sales: Australia

Australian retail turnover rose 0.3 per cent (seasonally adjusted) in February 2024, according to figures released today by the Australian Bureau of Statistics (ABS).

This followed a rise of 1.1 per cent in January 2024 and a fall of 2.1 per cent in December 2023.

Ben Dorber, ABS head of retail statistics, said: “Seven sold-out Taylor Swift concerts in Sydney and Melbourne boosted retail spending this month, with over 600,000 Swifties flocking to these events. This led to increased spending on clothing, merchandise, accessories and dining out.”

“Looking past the temporary and one-off impact of the Taylor Swift concerts, underlying growth in retail turnover was up only 0.1 per cent in trend terms. After a period of higher volatility from November through to January, underlying spending has stagnated.”

Trend estimates from March 2020 to June 2022 are not available due to the degree of disruption and volatility caused by COVID-19. Trend estimates throughout the pandemic period are likely to be unhelpful and potentially misleading for users in interpreting underlying trend in retail activity.

Clothing, footwear and personal accessory retailing (4.2 per cent) and department stores (2.3 per cent) saw the largest industry rises in February.

“Fashion and accessory retailers told us offerings of Taylor Swift inspired outfits and related do-it-yourself accessories added to turnover in February,” Mr Dorber said.

Cafes, restaurants and takeaway food services (0.5 per cent) had a more modest rise this month with an increase in spending also linked to the Taylor Swift concerts. This followed a 1.4 per cent rise in January, which was boosted by large sporting events.

“Another rise in turnover for catering services, cafes, restaurants and takeaway businesses showed that consumers are still prepared to spend at large social events as seen last month with the big crowds at the tennis and cricket,” Mr Dorber said.

Turnover fell in household goods retailing (-0.8 per cent), other retailing (-0.4 per cent) and food retailing (-0.1 per cent), which reflected weaker underlying retail spending.

Retail turnover rose in most jurisdictions. Victoria (0.7 per cent) and New South Wales (0.6 per cent) had large rises, with Queensland recording the largest fall (-0.5 per cent).

“New South Wales and Victoria benefited from the influx of visitors in February and increased spending from local concert-goers,” Mr Dorber said.