This is because the rush of sales activity in the pre-Christmas trade of 2018 is lower than both sales in 2017 and the longest average: the cumulative dollar value of spending from the beginning of November to the 39; beginning of January is down 3.7 percent, starting at ten weeks in the peak period of trade.
"What seems to be happening here is that we are sending some of that pre-Christmas spending in November," Blythe said. "The retail component of overall consumer spending is an important part of the story, but there is a level of saturation that people have achieved with shopping for goods. A lot of shopping is on that non-retail component, or on the side of the story services ".
Mr. Blythe said that in the retail survey, he did not deviate from his point of view that consumption is challenged.
"It is a weak income growth, concerns about job security that people still have despite a lot of work. In dealing with a risk of financial stability we created a macroeconomic risk," in transferring borrowers of interest to loans to interest rate. "Falling home prices are also another part of this story.
" Probably the wealth of households is falling at the moment, that budgetary measure is shifting from the consumer side. "
Kathmandu downgraded earnings last week following a decline in sales in the same store, but the women's clothing retailer Noni B released an upbeat update on better than expected trading on Thursday.
Capital Economics he hypothesized that rainy weather in Sydney and Melbourne was behind 0.1
Lower gas prices would have helped buyers in November.
NAB was worried that December would be on track for a weak result, that would drag urth quarter and add to the case for a downgrade to pre official vision of growth by the Reserve Bank in February.