Market Size of Australia Retail Sector
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australian Retail Market Analysis
The Australian retail industry, which is one of the key contributors to the country's economy, was on a growth trajectory from 2004 to 2019. The total retail turnover was accounted for approximately AUD 329.6 billion in 2019, which was around AUD 9 billion more than the value it recorded in the previous year. However, the sudden COVID-19 pandemic, which hit the country in early 2020, has brought several changes to the retail industry in the country, where it recorded a drop in the total number of sales transactions during the first and second quarters of 2020. Lockdown measures, physical distancing norms, and stay-at-home-to-stay protected protocols have turned one of the largest distribution channels in the country - the physical retailing stores to switch to omnichannel distribution to keep the competition alive.
Australia is one of the most urbanized societies in the world, with more than 24 million people (~90% of the population) living in the urban areas of Sydney, Melbourne, Adelaide, Brisbane, and Perth, as well as in smaller cities and towns within 100 miles of the ocean. Factors such as internet advertising, high brand awareness rate, and the influencer's trend for the product categories, including personal care and household products, footwear and apparel, and others, are helping the market to record more revenue transactions in the country. The trend is anticipated to continue in the forecast period as well, owing to the growing demand for them.
