The Kogan.com Ltd (ASX: KGN) share price is having a tough day on the market today.
Kogan shares are currently trading at $2.92, a 2.5% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is down 0.65% in late trade today.
However, that dip is nothing compared to the 7.3% drop Kogan shares experienced this morning.
So what is going on with the Kogan share price?
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What's going on with Kogan?
Kogan shares are falling today, but they are not alone in the sector. At the time of writing, online retailer Temple & Webster Group Ltd (ASX: TPW) is down 7.38%, while Redbubble Ltd (ASX: RBL) shares are falling 1.09%. The S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) is sliding 0.71%.
Despite positive retail data from the ABS, United States consumer confidence data appears to have weighed on ASX shares.
In June, US consumer confidence fell to a 16-month low, Reuters reported. The consumer confidence index dropped 4.5 points to 98.7 points.
Independent Advisor Alliance chief investment officer Chris Zaccarelli told the publication:
Right now we are at an inflection point in the economy, where actual spending and economic activity is still positive, however, consumer confidence and financial conditions, especially interest rates, are indicating a slowdown ahead.
However, retail data released by the Australian Bureau of Statistics (ABS) today paints a better picture. Total retail turnover rose 0.9% in May 2022 compared to the previous month, the figures show.
This was a 10.4% boost compared to May 2021. Household retailing rose 0.4%, department store spending jumped 5.1%, food retailing leapt 0.6%, and other retailing increased 1.5%. However, clothing, footwear and personal accessory retailing declined 1.4%.
Share price snapshot
Kogan shares have dived more than 77% over the past year. They have descended 67% year to date.
For perspective, the benchmark ASX 200 index has lost 8% in a year.
Kogan has a market capitalisation of around $312 million, based on the current share price.
