SYDNEY, July 2 (Reuters) - A measure of online sales in Australia rebounded in May to post its highest reading so far this year, handily outpacing growth for traditional bricks and mortar retailers, a survey showed on Monday.
National Australia Bank’s index of online sales rose 10.8 percent in May to 187.2, more than reversing a dip the month before. Annual growth in the index continued to slow, however, reaching 14.2 percent in May from 15.5 percent the previous month.
The index valued online sales in Australia at A$11.3 billion ($11.5 billion) for the year to May. That equals around 5.2 percent of overall retail spending and is growing far faster than sales in traditional stores.
NAB, in conjunction with data analytics firm Quantium, has estimated an index of online sale based on two million non-cash transactions per day, scaled up to replicate the broad economy. (Reporting by Wayne Cole)