NAB’s Online Retail Sales Index reveals online retail spending dropped in May, notching 1.2% growth versus 1.6% in April. Despite the decline, levels are much higher than a year ago.

For the twelve months to May, online retail sales jumped a whopping 17.2%. The figure is down from a comparative 18.4% rise in April.

According to NAB, Aussies spent around $26 billion online for the twelve months to May.

Despite the drop, Oz online retail sales have continued to outperform traditional retail stores, posting a 0.4% seasonally adjusted month-on-month increase in April as per the ABS.

NAB claims traditional retail sales for the twelve months to May represent ~8.3% of their online counterpart.

The growth in online sales has largely stemmed from SME merchants, representing 36% of online spending for the period, and a 3.6% (seasonally adjusted) month-on-month jump.