Australia: Online retail sales index slowed in February - NAB

Australia’s NAB Online Retail Sales Index (NORSI) slowed in February (+0.8% mom s.a.) from stronger growth in January (1.6%) and the 12 months to growth was also stronger in February, with sales up 15.1% compared to last year, notes Alan Oster, Group Chief Economist at NAB.

Key Quotes

“While slowing, trend online retail sales is still much stronger than the early months of 2017.”

“We estimate that Australian consumers have spent around $25 billion over the 12 months to February 2018. This is equivalent to 8% of spending at traditional bricks & mortar retailers, as measured by the ABS in the 12 months to January 2018.”

“Growth was mixed across categories in February.”

“SME sales represent just over a third of all online sales. Seasonally adjusted SME sales (1.1%,mom s.a.) slowed in February but still outpaced large online retailers.”