As we approach the release of a Coronavirus Vaccine and continue Australia’s great record of very few cases, things are starting to look up for the economy. This is evident in the retail spending which shows a huge bounce back and recovery, especially from Victorians who were locked down for an extended period.

A report released this week by the Australian Bureau of Statistics has shown that retail figures for October staged a major comeback, with an impressive 1.4% compared to September and 7.1 percent higher than the same time last year. This figure equates to $29.6 billion in sales.

The Australian Bureau of Statistics attribute this big gain to the easing of restrictions in Victoria and is promising signs that Melbourne retail will get back on it’s feet. That state recorded an increase of $5.1 per cent whereas there were falls in Queensland, Tasmania, Norther Territory and ACT. Retail sales were slightly up in New South Wales, Western Australian and South Australia.

The beneficiaries of the increased in retail trade were mostly cafes, restaurants, take way food, department stores, accessories, clothing and footwear. The losers were household goods where many customers had already stocked up on everything they required at the start of the pandemic.

Supermarkets and grocery stores that benefited from panic buying as expected dropped in sales.

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