March 26, 2024

KEPLER RETAIL MARKET INDEX (KRI) week ending 24/03/2024

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Discover key insights in the latest KRI (Kepler Retail Market Index) for the Week Ending 24th March 2024.

Inside Store Traffic is Coming Back but Weak Sales Conversion Remains a Headwind on Sales

  • While trading conditions continue to remain challenging for retailers, there is some positive news when it comes to the recovery of inside store traffic volumes. Inside traffic has shown growth against both 2023 and 2022 in 8 out of the 12 weeks of 2024. While the first 3 weeks of March have been slightly down on 2023, this week saw inside traffic up 1.6% YoY. 
  • Conversion of this store traffic into sales continues to be a headwind for retailers. Sales conversion rates have been consistently down across 2024 calendar year. This trend continued this week with sales conversion down 5.1% YoY.
  • Sales were down 2.6% YoY with the drop in Sales Conversion (-5.1% YoY) partially offset by the growth in Inside Traffic (+1.6% YoY) and Average Transaction Value (+1.1% YoY).
  • Interestingly, the growth in Average Transaction Value was driven by a growth in units per transaction and not an increase in price per unit despite widespread inflation. This supports the view that some consumers are trading down to stretch their household budgets further.

Did you miss our webinar? 

Get insights on Australia’s retail conditions by watching our first 2024 webinar. Danny French, David Mah, and Kylie Smart share detailed information on the Christmas and New Year trading conditions and the retail outlook for 2024.