Investing.com - In a pleasant surprise for the Australian economy, retail sales for September surpassed expectations with a seasonally adjusted increase of 0.9% month-on-month and a 2.0% rise compared to the same period in the previous year.
Breaking it down by industry, food retailing experienced a 1.0% ($139.0m) uptick in September, when adjusted for seasonal factors. This sector's growth signifies a positive response from consumers, possibly reflecting increased spending on home cooking and dining.
Household goods retailing also saw a significant increase, with a 1.5% ($83.9m) rise in September. This growth suggests that consumers are investing more in home improvement and furnishing, potentially fueled by continued work-from-home arrangements or the desire for home comfort.
Clothing, footwear, and personal accessory retailing witnessed a relatively modest growth of 0.3% ($8.8m). While the increase is less substantial than in other sectors, it still indicates a steady demand for personal items and fashion.
Department stores enjoyed a 1.7% ($32.1m) boost in September, on a seasonally adjusted basis. This growth might be a sign of consumers' increased confidence in spending on a broader range of products and services.
The category of other retailing, which includes a variety of different retail sectors, also saw a rise of 1.3% ($70.2m) in September, in seasonally adjusted terms. This suggests a general increase in consumer spending across the board.