Australian Retail Spending Goes Down in August

Australia’s retail sales decreased for three consecutive months as half its populace underwent COVID-19 lockdowns, but the reopening of establishments is possible as vaccination efforts soar.

The Australian Bureau of Statistics exhibited the decline of retail sales to 1.7 percent in August to A$29.3 billion ($21.27 billion), which was trailed by a 2.7 percent decrease in July. Further sales are expected to plummet as Sydney, Melbourne, and Canberra is all under lockdown. 

However, a silver lining is in sight as New South Wales (NSW) slowly relieves its health regulations due to more people being immunized against COVID-19. Almost 86% of NSW’s adult population have received their first jab, 60% are already fully vaccinated, and are expected to have 84% of the population fully jabbed by the end of October. 

Economist Stephen Wu said that upon reopening of retail establishments, people will be driven to spend after months of being in lockdown, but has expected that some consumers will be hesitant due to fear of contracting the virus. 

The pandemic has prompted the fast integration of online sales to both retailers and their patrons. This has saved the sales of beleaguered establishments with yearly sales expanding by more than 50 percent. 

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