Online sales spike
Electronic games and toys reported the biggest jump in online sales growth in February, despite only representing three per cent of online sales, the National Australia Bank says.
Online grocery and homeware shopping also reported strong growth, however fashion has come off the boil following a strong rise in December and January.
Overall spending online jumped 1.7 per cent in February, the National Australia Bank’s online retail sales index has found.
This is about 8.7 per cent higher than a year ago, and up on January’s 0.3 per cent gain.
NAB says Australians spent about $16.7 billion on online retail in the 12 months to February.
“Growth in online fashion sales has been really strong and has just come off a little bit in February,” the bank’s senior economist, Brien McDonald, said.
“We are still seeing the growth in online sales still outpacing traditional retail.”
Inside Retail Polls
Australian mergers and acquisitions by private equity firms made up a third of the major transactions in 2018, acco… https://t.co/DZ0pEdOXg04 hours ago
Despite declining house prices and modest wage growth, Australian consumers have pushed spending growth to a 14 mon… https://t.co/Mgg6QeqrvC6 days ago