Australia's retail sector is set for positive long term growth despite flat figures in February.
According to the National Retail Association (NRA) data collected by the Australian Bureau of Statistics (ABS) records promising results particularly for clothing, footwear and personal accessories.
Growth in the sub sector has increased 6.2% from the previous year with the overall annualised growth rate in at 3.7%.
As previously reported, department stores are also experiencing a surge in sales up 4.5% in 12 months.
NRA industry research and data analyst Cameron Meiklejohn said that despite tough conditions presented through low trading periods, the domestic retail sector will continue to gain momentum.
“There’s no doubt retailers continue to face structural challenges, particularly around workplace relations and excessive penalty rates on Sundays and public holidays.
“However, the industry has been on a steady upward trajectory for almost three years now, and things are continuing to head in the right direction.
“We will now be looking to the Federal Budget for a strong and confident economic direction, which will give consumers the comfort they need to boost their discretionary spending.
“This will be the true test of how the retail sector is performing.”