The Magazine for Asian Investors
The Australian Bureau of National Statistics (ABS) reported that retail sales rose 1.2% in the first quarter of 2022 from quarter to quarter. This was driven by recovering demand among consumers. Even though the prices of many types of products have skyrocketed.
Year-on-year, retail sales rose 4.9% in the first quarter to a record high of A$931.9 billion. Cafés, restaurants and takeaways again recorded strong sales growth after the Australian government announced the easing of measures to combat the spread of COVID-19.
ABS’s director of statistics, Ben James, said: “Consumers continued to spend in January. Even though the government has resumed measures to control the outbreak of Covid-19 because the number of infected people at that time has soared as a result of the outbreak of the Omicron strain. But the number of infections began to decline and stabilized in February. This caused the government to decide to relax the strict measures. Consequently, consumer spending has recovered as has happened after the previous COVID-19 outbreak.”