SYDNEY (Reuters) – Australian retail sales surged by the most on record in March as a lockdown for the coronavirus spurred panic buying of food and other staples, completely outweighing a dive in demand for clothing and eating out.
The Australian Bureau of Statistics on Wednesday reported its preliminary estimate of retail sales jumped 8.2% seasonally adjusted in March, from February. That beat the previous record of 8.1% from 2002 when consumers brought forward purchases ahead of a goods and services tax.
Strict social distancing rules and the closure of many businesses, including restaurants, began in mid-March.
The final estimate of sales is due on May 6.
(Reporting by Wayne Cole; Editing by Shri Navaratnam)
