Australian retail turnover dropped 0.4% in March, marking a cautious consumer trend amidst high living costs, according to data from the Australian Bureau of Statistics.
The decline affected all sectors except food retailing, indicating persistent spending weaknesses.
Fashion and department stores saw significant drops after a brief surge, reflecting consumers' discretionary spending hesitance.
Household goods, other retailing, and food services also experienced declines. Cost of living pressures in education, healthcare, housing, and insurance further deterred spending.
New South Wales and Victoria recorded the largest decreases, driven by reduced spending post-Taylor Swift concerts.