Australia Retailers Shake off Malaise With a Little Help From Taylor Swift

By James Glynn

SYDNEY--Australian retail sales rose in February, supported in part by sales associated with a string of sold-out concerts by popstar Taylor Swift.

Retail turnover rose 0.3% in February, slightly less than the 0.4% increase expected by economists, the Australian Bureau of Statistics said Thursday.

The increase in February followed a rise of 1.1% in January, and a fall of 2.1% in December 2023.

"Seven sold-out Taylor Swift concerts in Sydney and Melbourne boosted retail spending this month, with over 600,000 Swifties flocking to these events. This led to increased spending on clothing, merchandise, accessories and dining out," said Ben Dorber, ABS head of retail statistics.

But looking past the temporary and one-off impact of the Taylor Swift concerts, underlying growth in retail turnover was up only 0.1% in trend terms, he said.

"After a period of higher volatility from November through to January, underlying spending has stagnated," Dorber added.

Cafes, restaurants and takeaway food services sales rose 0.5% in February with the increase in spending also linked to the Taylor Swift concerts, he said.

This followed a 1.4% rise in January, which was boosted by large sporting events, Dorber added.

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(END) Dow Jones Newswires

03-27-24 2119ET