ASX retail shares in focus as Aussies spend big in January

ASX retail shares will be in focus after the Australian Bureau of Statistics (ABS) released its preliminary January retail turnover figures. The data indicates an increase of 10.7% in retail turnover compared to January 2020.

On a month-by-month basis, January notched up a 0.6% increase over December. In contrast, January 2020 retail sales slipped 0.4% from December 2019.

Today’s results show a continued upwards trend following the collapse in retail spending in April last year. Furthermore, it appears retail turnover is stabilising on monthly basis, compared to the erratic swings in early 2020.

Finer details for ASX retail shares

All states reportedly experienced an increase in turnover, except for Queensland. COVID-19…