Online retail grew in November, but slowed over 2016
Aussie online shopping grew faster in November than it did in October last year, as consumers ramped up spending ahead of Christmas.
Month-on-month growth was up 1.1 per cent, while year-on-year growth fell from 14.1 per cent in October 2016 to 13.3 per cent in November 2016, continuing the trend of slowing online retail growth in the year overall.
This is according to the National Australia Bank’s latest Online Retail Sales Index, which pointed to a spending slowdown in several key categories as the reason for this result.
Homewares and appliances slowed from 14.9 per cent year-on-year growth in October to 10.5 per cent year-on-year growth in November, and, surprisingly, games and toys fell from 11.6 per cent growth to 6.8 per cent. This is the first time the category has slowed in November since the index started in 2012, according to NAB.
Other categories benefited from increased spending ahead of Christmas, with online sales accelerating in groceries and liquor, fashion, personal and recreational goods and department and variety stores in November last year.
In the twelve months to November 2016, Australian consumers spent around $21.4 billion online. This is equivalent to around 7.1 per cent of spending at traditional bricks and mortar retailers, according to data from the Australian Bureau of Statistics.