Retail sales in Australia fell 0.4 percent on the month in after increasing 0.3 percent in February, with year-over-year growth slowing from 1.6 percent to 0.8 percent. Performance was mixed on a regional basis, with the two most populous states, New South Wales and Victoria, recording falls greater than the national average, offset by solid increases elsewhere. The falls in New South Wales and Victoria in March reflect the impact of Taylor Swift concerts in February. Sales fell in all major categories with the exception of food and household goods.

Retail sales in March are expected to increase 0.2 percent on the month after February's 0.3 percent increase that got a boost from Taylor Swift concerts. Apart from Taylor and unseasonable volatility in holiday spending, officials judged in February's report that underlying sales growth had"stagnated".

Retail sales measure the total receipts at stores that sell durable and nondurable goods. The Retail Business Survey covers all employing retail trade businesses who predominantly sell to households.

With consumer spending a large part of the economy, market players continually monitor spending patterns. The pattern in consumer spending is often the foremost influence on stock and bond markets. For stocks, strong economic growth translates to healthy corporate profits and higher stock prices. For bonds, the focus is whether economic growth goes overboard and leads to inflation. Ideally, the economy walks that fine line between strong growth and excessive (inflationary) growth.

Retail sales not only give you a sense of the overall picture, but also the trends among different types of retailers. Especially strong apparel or electronics sales can indicate strength in those industries, for example. These trends from the retail sales data can help you spot specific investment opportunities, without having to wait for a company's quarterly or annual report.