The resilience of the Australian consumer is the surprise force behind this earnings season as retailers deliver better than expected profit results, dominating sharemarket returns.

With about a fifth of the ASX having reported 2023-24 results this month, three out of four companies that upgraded their FY25 guidance were consumer discretionary stocks. White goods seller JB Hi-Fi, e-commerce group Temple & Wester and gym operator Viva Leisure were identified by Citi to be among the few, along with glassmaker Orora, that delivered upgrades.