Australian online spending approaches $20 billion
Online retail sales were up 13.2 per cent year on year in May 2016, according to the NAB Online Retail Sales Index released yesterday.
In dollar terms, NAB estimates Australians spent $19.9 billion on online retail in the 12 months to May 2016.
This level is equivalent to 6.7 per cent of spending at traditional bricks and mortar retailers as measured by the ABS in the 12 months to April 2016.
A key driver of the overall result was fashion sales, which expanded rapidly, up 21.1 per cent year on year.
According to ABS retail spending figures released today, overall retail sales rose 3.4 per cent, year on year, in May 2016. Total retail sales for the month of May were $25 billion.