Australian consumers are still willing to open their wallets despite having low confidence in the economy as retail spending in May hit record levels.
New data from the Australian Bureau of Statistics (ABS) showed that retail trade rose by 0.9 percent to a record of $34.2 billion (US$23.52 billion) in May, marking the fifth consecutive monthly increase in retail revenue.
“There was growth across five of the six retail industries in May as spending remained resilient,” the ABS director of quarterly economy wide statistics, Ben Dorber said.
“Higher prices added to the growth in retail turnover in May. This was most evident in cafes, restaurants and takeaway food services and food retailing.”…