Year-on-year growth accelerated to 14%, marking continuous growth since May 2023.
“In month-on-month, seasonally adjusted terms, online retail sales rebounded in June, after contracting in May,” said NAB chief economist Alan Oster (pictured above).
All categories except takeaway food saw growth in June.
Homewares and appliances led the way with increased average spend.
“Noticeable this month was the exceptional growth for homewares and appliances,” Oster said. “The average spend also increased, beyond the rate of growth in volume of transactions.”
All states recorded growth in June, with New South Wales seeing the largest increase among the major states.
“Homewares and appliances led growth in all states except WA, which was the only state to record a contraction for the category,” the NAB report said.
Mixed results were seen between metro and regional areas.
South Australia experienced rapid regional growth, while New South Wales saw moderate regional growth outpace metro areas.
“In year-on-year terms, while metro growth has been more rapid across states, the two series have generally converged,” NAB reported.
Both domestic and international retailers saw growth, with domestic retailers performing slightly better.
NAB estimated that Australians spent $57.81 billion on online retail in the 12 months to June, accounting for about 13.5% of total retail trade.
Takeaway food was the exception, showing a significant contraction.
“The discretionary nature of takeaway meals has not followed either the broader discretionary trend this month or the growth in the broader series for restaurants and cafes,” Oster said.
The series has become more volatile, with other market factors likely influencing results, NAB reported.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
