Retail turnover rates and the average price for a hotel room rose in the month of February, with some help from pop superstar Taylor Swift.
Australian retail turnover rose 0.3 per cent (seasonally adjusted) in February 2024, according to figures released by the Australian Bureau of Statistics (ABS).
This followed a rise of 1.1 per cent in January 2024 and a fall of 2.1 per cent in December 2023.
Ben Dorber, ABS head of retail statistics, said 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.
“Looking past the temporary and one-off impact of the Taylor Swift concerts, underlying growth in retail turnover was up only 0.1 per cent in trend terms. After a period of higher volatility from November through to January, underlying spending has stagnated.
“Fashion and accessory retailers told us offerings of Taylor Swift inspired outfits and related do-it-yourself accessories added to turnover in February,” Mr Dorber said.
Clothing, footwear and personal accessory retailing (4.2 per cent) and department stores (2.3 per cent) saw the largest industry rises in February.
Cafes, restaurants and takeaway food services (0.5 per cent) had a more modest rise this month with an increase in spending also linked to the Taylor Swift concerts. This followed a 1.4 per cent rise in January, which was boosted by large sporting events.
Meanwhile, holiday travel and accommodation prices fell 1.3 per cent in the 12 months to February, following a 7.1 per cent annual fall to January. This was driven by falls in domestic holiday travel and accommodation.
However, hotel prices in Sydney and Melbourne rose thanks to Taylor Swift.
“Although Taylor Swift performances saw hotel prices rise in Sydney and Melbourne, elsewhere accommodation and airfare prices fell in February due to the end of the peak travel during the January school holiday period,” Michelle Marquardt, ABS head of prices statistics, said.