Retail sales smash March expectations Share The highest consumer confidence in 11 years has helped drive a 1.4 per cent jump in seasonally adjusted retail sales, more than twice what some big bank economists forecast. Preliminary data from the Australian Bureau of Statistics showed consumers spent $30.7 billion in March with big rises in Victoria, up 4 per cent, and Western Australia, up 5.5 per cent, as both states rebounded from COVID-19 lockdown restrictions in February. Annual retail sales rose 2.3 per cent in March compared to March 2020 when COVID-19 restrictions were introduced, leading to a spike in sales in food retailing that month. We think consumer confidence and record household savings will fuel demand, with increased spend on out-of-home experiences.