ANZ Data Point To Pick Up In Retail Spending In November

ANZ data based on card transactions indicate stronger retail sales in November than the weak result we saw for October boosted by Black Friday discounts (see Retail Sales Weaken As Rates And Inflation Bite). Given this result seems to be boosted by a special shopping event, it is difficult to gauge the underlying trend. For now, the RBA is likely to look through this data point.

• ANZ is reporting a strong pick up in November sales driven by Black Friday spending. Department store momentum, clothing and furniture momentum all were higher than Black Friday in 2019 but electronics were weaker.
• Momentum from September to last Saturday is robust but a bit softer than the same period in 2019.
• Black Friday has become the biggest shopping event in Australia in recent years. The Retailers Association found in a survey that many people were prepared to cut back on consumption to be able to spend on the festive season, which the ANZ data reflect.