It's been a tough start to 2022 for many ASX retail shares. Data released today shows just how tough it has been and provides mixed forecasts for the future.
What does 2021 hold for ASX retail shares?
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2020 was a tough year for the retail sector and many ASX retail shares. Shops were shuttered globally in the effort to fight COVID-19, putting a major dampener on sales. Retail sales in Australia fell more than 17% in April, the greatest fall on record.
While spending was down in the June quarter, the September quarter made up for it with sales rebounding above pre-COVID levels. Pent up demand was unleashed as restrictions eased, with retailers seeing a surge in volumes. Positive momentum continued into the December quarter, with Deloitte predicting growth of 2.6% in retail volumes over 2020.