Fashion and accessories retailers were the beneficiaries of this season’s Spring Racing Carnival with positive sales figures in the lead up to the Melbourne Cup, according to data from the Australian Retail Index (ARI).
The Australian Retail Index, created by BDO and Retail Express, draws on sales figures from thousands of retailers across the country.
BDO National Retail Lead Partner Simon Scalzo said sales in the fashion and accessories category had seen an increase of 7.6 per cent in the week leading up to Melbourne Cup compared to the previous week.
“It was good to see people spending money at the counter on fashion and accessories in what is one of the most glamourous times of the year,” Mr Scalzo said.
However, while this is positive news for fashion and accessories retailers, these results were slightly down compared to the corresponding week last year and Mr Scalzo said this would continue to put pressure on retailers to maximise sales during the Christmas period.
“This is also the case for other retailers with retail spending across the board being down nearly 3 per cent,” he said.
“Retailers need to remain focused for the critical December sales period to ensure they achieve a similar or higher uplift in sales to last year.”