The Australian Retail Index, powered by leading audit, tax and advisory firm BDO, reported that the fashion sector performed best in the recent Easter retail sales slump.
Compared to previous drops of up to 10%, the index reported an improved 1.28% drop in pre-Easter 2015 sales, making it the lowest drop fashion retailers have seen in four years.
Unfortunately, these encouraging statistics were not consistent across the entire retail sector, which saw a 5% drop after the Easter weekend followed by a staggering 15% decline the following week.
However, BDO national retail lead partner Simon Scalzo reassured retailers that this slump is not unusual for this time of year.
“The drops followed gains across February and March, and are typical of Easter sales patterns with retailers being affected by two public holidays and the short school holiday period. During the Easter holidays, Australians are less likely to be purchasing large ticket items at this time of year.”
Scalzo reassured retailers that there could be relief in sight for some retail sectors, with pre-Mother’s Day typically seeing a spike in sales.
“In the week leading up to Mother’s Day 2014, fashion and accessories sales jumped more than 21% and other general retail about 20%. Overall that week saw sector-wide sales up almost 15%, with 2013 sales about 13% higher.”
The Australian Retail Index at www.australianretailindex.com.au provides week-by-week sales monitoring, across four key categories – fashion & accessories, furniture & homewares, sporting & recreational goods and other general retail. It sources weekly card-based, cash sales and lay-by sales data.