The gross value added (GVA) in Australia's retail trade sector has demonstrated a steady upward trend from 2013 to 2023. The GVA in 2023 stood at 108.94 billion Australian dollars, marking a substantial growth compared to 70.62 billion in 2013. The year-on-year variation for 2023 was 6.74%, showcasing strong growth dynamics. Notably, the sector witnessed significant year-on-year increases in 2021 and 2022, with variations of 9.48% and 12.42% respectively. The compound annual growth rate (CAGR) over the last five years stands at 7.08%, reflecting robust expansion in the retail trade sector.
Looking ahead, the forecasted data up to 2028 indicates continued growth in the retail trade GVA with a CAGR of 4.24%. This forecast anticipates a growth rate of 23.05% over the next five years.
Future trends to watch for in the Australian retail sector include:
- Increased integration of digital and omnichannel retail strategies.
- Growing consumer preference for sustainable and ethically sourced products.
- Rising influence of data analytics and AI in enhancing customer experiences and operational efficiencies.
- Continued adaptation to post-pandemic shifts in consumer behavior and supply chain management.
