Swiftonomics not enough to sustain retail sector

The latest data confirms weak underlying trend in retail spending, in line with the softening household consumption in the National Accounts data, writes Brendan Rynne.

Retail trade performed worse than expected in March – falling 0.4 percent, defying the consensus expectation of a 0.2 percent rise.  As KPMG argued at the time, the economic ‘boost’ provided by the Taylor Swift Eras tour proved to be ephemeral with New South Wales (-1.1 percent) and Victoria (-0.8 percent) recording the largest falls in March after experiencing temporary highs due to hosting the concerts. This was always going to be simply a transfer of spending from one part of the ec...

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Authors: Brendan Rynne

Published Date: 02 May 2024