Australia: Cashless Retail Sales Index grew 1.2% in March - NAB

Australia’s NAB Cashless Retail Sales Index grew 1.2% on a month on month basis in March – slower than January or February, notes the research team at NAB. 

Key Quotes

“Our data mapping gives a fairly weak forecast of +0.2% m/m for the official ABS measure of retail sales in March. Our February forecast of 0.7% was close to the ABS print of 0.6%, although January saw a weaker ABS read vis-à-vis our measure (0.2% m/m against 0.8% m/m). Generally most sectors in March were weak – especially cafes restaurants and takeaway and household goods. Department stores were, however, reasonably strong.”

“The data is more encouraging on a year on year basis, with the NAB Cashless Retail Sales Index up 11.5% in March, although this was distorted by special factors (iPhone X and Black Friday) in late 2017.”

“Year on year growth was positive for all six NAB Cashless Retail Index major industry groupings, although the growth rate slowed slightly in two (clothing and footwear and department stores).”

“Annual spending growth strengthened across Australia on a seasonally adjusted basis, although the monthly trend data was a little weaker.”