‘This is the sort of thing we want’: Territory retail spending up 12 per cent

Territorians have been treating themselves despite the financial impact of the coronavirus pandemic over the past year, with new figures showing a boost in NT retail spending.

• NT’s retail spend spike for August the highest in the country
• NT retail trade surges to best result in decade as Territorians spend local

TERRITORIANS have been treating themselves despite the financial impact of the coronavirus pandemic over the past 12 months, with new figures showing a 12 per cent boost in NT retail spending.

The latest Australian Bureau of Statistics retail trade data shows retail trade in the NT has increased 12 per cent in the 12 months to May compared to the previous year.

The total value of retail trade to May was a whopping $3.57bn, with the biggest chunk of that being spent on food, groceries and liquor.

Territorians spent $1.7bn on these items, up seven per cent on the previous year.

Cafes and takeaway shops also enjoyed a boost of eight per cent compared to last year, making a total of $471m in sales.

Hospitality NT chief executive Alex Bruce said the figures were a sign of the Territory’s comeback but the recent lockdown had taken its toll.

“Without a doubt the Territory was having a tourism and hospitality revival,” Mr Bruce said.

“The recent lockdown and lingering border closures are now biting into that early positive position.

“Our businesses and their workers hope the position down south improves so our tourism season can get back on track.”

Territorians also spent big on clothes, recreational goods, furniture and electrical items.

Sales of recreational goods increased by 35 per cent to $88m, furniture and floor covering sales rose 30 per cent to $112m and electrical goods saw a boost of 21 per cent to $186m. Clothing sales went up 26 per cent to $192m.

NT based Economic Consultant Ian Satchwell said the latest figures were great news for the Territory economy.

MORE TOP NEWS

New study finds e-scooters are a boon for cities

Darwin businesses caught off guard by 370 per cent surprise price hike on discarding rubbish

Top End road trip highlights to get national airtime on popular TV show

“We’re now on the upswing again after two-and-a-half years of steady economic decline,” he said.

“This is the sort of thing we want because private consumption, of which retail is a large part, is an important part of the Territory economy.

“This is not just an oddity, it’s really important for the Territory economy.”

Mr Satchwell said the figures were also good news for employment, especially groups that typically do worse in the labour market. “Retail is an important part of that strong story, particularly for growth of jobs among young people and women,” he said.