Retail sales volumes were unchanged in October, bringing a run of strong consecutive monthly gains to an end. Moreover, the preliminary estimate that sales values were unchanged in November too suggests this may be the start of a broader trend rather than a one-off. That said, sales still rose in five of nine sub-sectors in October, with big-ticket items doing particularly well. Along with the GST holiday and strong real disposable income growth, we still believe there are reasons to be positive about the near-term outlook for household consumption.
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