The Northern Territory news Wed 13 Jan 2021
The Northern Territory news; NewspaperNT
Community newspapers -- Northern Territory -- Darwin.; Australian newspapers -- Northern Territory -- Darwin.
News Corp Australia
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News Corp Australia
20 BUSINESS WEDNESDAY JANUARY 13 2021 NTNE01Z01MA - V1 Black Friday bolsters sales Black Friday got its name from pushing revenue for many stores out of the red and into the black. Picture: Tony Gough INCREASINGLY popular Black Friday sales helped boost Australias retail trade in the lead-up to Christmas, new figures show. According to Australian Bureau of Statistics (ABS) data released on Monday, retail turnover rose 7.1 per cent in November compared with the previous month. It was led by Victoria as Melbourne stores reopened their doors for a full month following harsh COVID-19 second wave lockdowns. ABS director of quarterly economy wide surveys Ben James said the brief second wave lockdown in South Australia led to a relatively flat result as falls in most industries were offset by a rise in food sales. Online sales accounted for 11 per cent of Australian retail turnover in November as shoppers continued to embrace e-commerce, while department stores had a 21.1 per cent surge in sales. Clothing, footwear and personal accessories sales rose the most, up 26.7 per cent, while household goods jumped 12.7 per cent. The ABS said Black Friday and the release of new games consoles and new iPhones added to the sales growth. The shopping event falls the day after Thanksgiving Day in the US and got its name from pushing revenue for many stores out of the red and into the black. According to NSW-based social trends research group McCrindle, only 4 per cent of Australians had never heard of Black Friday in 2020 compared with 24 per cent in 2017. Investment bank Citi last week said Australian retailers had reported exceptional Black Friday sales, but Boxing Day was mixed due to low stock levels. The latest ABS figures also showed a 12.3 per cent month-onmonth rise in cafe, restaurant and catering sales, but spending on takeaway food only inched 0.7 per cent higher. BIS Oxford Economics chief economist Sarah Hunter said that reflected a shift back towards dining in person, enabled by eased restrictions and lower coronavirus case numbers. Looking ahead, spending patterns will continue to normalise towards their pre-COVID pattern, particularly once the vaccine has been rolled out and the uncertainty over outbreaks prompting further lockdowns diminishes, Dr Hunter said. This will benefit cafes, restaurants and clothing and will weigh on household goods and food, both of which have been disproportionate beneficiaries over the last year. Total retail turnover soared 13.3 per cent in November compared with the same month in 2019, the ABS data shows. But there will likely be a return spending on services, particularly travel and tourism, Dr Hunter said. As a result, after a comparatively strong 2020 we expect growth in retail turnover to lag behind total household spending in 2021. REBECCA LE MAY NT Super Team At Statewide Super we want to help you love your super. That is why we have an experienced, qualifi ed and local team right here in the NT that are dedicated to helping you create your best fi nancial future. For any assistance get in touch with our team today on 08 7915 4800 or via email at firstname.lastname@example.org. Jo Fitzpatrick Regional Manager NT Jordan Tuit Financial Planner Mick Murray Associate Financial Planner Benet Copping Member Services Coordinator NT 08 7915 4800 statewide.com.au email@example.com Statewide Superannuation Pty Ltd ABN 62 008 099 223 (AFSL 243171) Trustee and RSE Licensee of Statewide Superannuation Trust ABN 54 145 196 298 (Statewide Super). In deciding whether to acquire, or continue to hold, a Statewide Super product, please consider the applicable Product Disclosure Statement (PDS) available at statewide.com.au or by calling 1300 65 18 65. Issued November 2020. The information provided contains general advice which does not take into account your specifi c objectives, fi nancial situation or needs. Before investing, you should consider the appropriateness of this general advice with regard to your personal circumstances. You may also wish to obtain independent fi nancial advice. StateW1tJe Super