Business
Will record online sales bode well for ASX retail shares?
ASX retail shares have arguably been given a boost heading into Christmas. Retail sales data released today suggest the Australian economy might be heading ‘back to normal’ trading conditions.
In a media statement released today, the Australian Bureau of Statistics (ABS) reported that Australian retail turnover rose 7% in November, seasonally adjusted.
The latest data from Australia Post also suggested that the first week of December and the week of Black Friday recorded the biggest number of online purchases Australia has ever seen.
In today’s trading however, online retail shares have been hit hard amid a broader selloff on the ASX.
At the time of writing, online retailers Redbubble Ltd (ASX: RBL) and Kogan.com Ltd (ASX:…
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