Cairns helps Queensland …
LEAD NATION ’ S RETAIL GROWTH
SMALL BUSINESS
AMY TURNBULL Regional Manager CCIQ
Has the ‘ Support Small ’ message made a big splash ?
Small businesses across Queensland are leading the charge in national retail growth , with Cairns numbers adding a huge boost .
Retail trade figures released by the Australian Bureau of Statistics ( ABS ) highlight that Queensland continues to produce nation-leading growth figures , with retailers recording an annual trend increase of 4.3 per cent in the 12 months to November 2016 .
Growth across the retail sector is driven by strong performance in household goods ( 7.3 per cent ) and clothing , footwear and personal accessories ( 8.1 per cent ), which grew above the national average of 3.7 per cent and 5.0 per cent respectively .
Momentum across the retail sector in Queensland has been building since April this year and at 4.3 per cent annual growth it is performing at its highest level in almost three years .
As November also signalled the official start of the Christmas sales period , it is encouraging that the café , restaurant , and takeaway foods category has also continued its return to form – producing an annual growth figure of 3.5 per cent , the largest increase in two years .
The holidays can be a busy time for the hospitality sector and are we ’ re pleased to report the rise in consumer spending across cafes and restaurants in recent months .
Using our own forecast modelling , CCIQ ’ s prediction * of $ 9.13 billion in Christmas sales for 2016 is also expected to be pretty accurate , with the growth forecast only upgraded slightly from 3.9 per cent to 4.1 per cent following the release of the ABS November trade figures .
Cairns businesses counting their tills over the Christmas period , will have collectively banked $ 400m , according to our figures . This would represent a 2.9 % growth for Cairns , compared to the Christmas 2015 period .
CCIQ research pointed to improved conditions in the small business community and a renewed confidence in terms of revenue , investment and growth in 2017 .
Cairns small businesses have shown positive signs of coming out of a slump , and are cautiously hoping for sustained growth before confirming they had turned the corner .
In summary : be encouraged by this latest data . All evidence suggests a solid performance and a boost to our small business community .
* This figure was produced through careful analysis of historical retail trade data , recent sales trends , and factors that are known to influence holiday sales . Key variables that underpin consumer confidence and spending , such as interest rates , unemployment , and consumer debt levels , were incorporated into a forecast model to reach the estimated sales figures .
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