We’ve cracked it. There’s officially a new record for the highest month of retail trade, with South Aussies forking out more money than ever late last year.
Black Friday drove South Australia to a record $2.3 billion turnover in November 2022, the South Australian government has announced.
Latest retail trade data released by the Australian Bureau of Statistics today shows South Australia recorded the second highest rate of growth in the country over the year, growing by a whopping 9.5 per cent, outperformed only by Queensland at 10.4 per cent. Nationally, retail trade grew by 7.7 per cent.
South Australians spent $25.8 billion on retail throughout the year, up $2.1 billion from the previous year, and up 1.3% on the previous state record in October 2022.
Treasurer Stephen Mulligan says that the figures show that consumer confidence remains high.
” The results were released at the same time as national inflation data which showed national price growth back to the highest since COVID related inflation started. While higher prices are having some impact, the significant jumps in discretionary spending show South Australians remain optimistic about the state and strength of our economy despite high inflation and rising interest rates.” he said.
November hosts the Black Friday sales, which sparked strong increases in retail trade in related spending categories. Compared to November 2021, South Australians spent an extra $17.6 million on clothing and $16.7 million in department stores, indicating strong consumer confidence.
There was also good news for cafes and restaurants with South Australians willing to spend big on eating out, with $31 million more spent in November 2022 than the year before.
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