IPhone X, Black Friday drive sales surge

THE release of the iPhone X and Black Friday shopping extravaganza have helped drive the biggest monthly rise in retail sales for more than four years.

Retail sales surged 1.2 per cent to $26.4 billion in November, numbers from the Austra- lian Bureau of Statistics released yesterday show.

The rise was three times bigger than the 0.4 per cent increase most economists had been forecasting.

It also easily passed the 0.5 per cent rise posted in October and slim 0.2 per cent increase recorded for September.

CommSec chief economist Craig James said the November result was the strongest monthly outcome in four-anda-half years underpinned by a 9.3 per cent surge in spending on electronic goods.

Spending had risen across all states and territories, Mr James said.

“The increase in household spending was driven largely by a sharp rise in electronic goods purchases,” he said.

“The Apple iPhone X went on sale at Apple stores across Australia in early November.”

Other new electronic products included Google Home and the Xbox One X.

Purchases of household goods also rose strongly in November coinciding with the Black Friday sales event, Mr James said.

Black Friday is growing in annual popularity among Aussie shoppers with the sales event being imported from the US. Clothing, footwear and personal accessory sales increased 1.6 per cent, while cafes, restaurants and takeaway sales lifted 0.4 per cent.