“While it is disappointing to see this slowing in card spending, we see this as being temporary and expect spending growth to pick up now that restrictions have been lifted,” Ms Clifton said.
Despite the slump in the final month of 2020, trade was up 9.4 per cent over the year, the ABS data shows. Australian Retailers Association chief executive Paul Zahra said this was a “fantastic” result given the various coronavirus lockdowns. “It’s also pleasing given in-store traffic was down in CBD shopping centres due to the threat of the virus,” Mr Zahra said. “That was particularly the case in NSW after the outbreak on the northern beaches, which forced people to shop locally or online.”
EY chief economist Jo Masters said last month’s slump was a “growing trend” as shoppers increasingly turned to November sales over December, but also reflected the Sydney lockdown.
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