New figures from the Australian Bureau of Statistics showed the territory's retail turnover dropped 1.9 per cent in seasonally adjusted terms in January, the largest fall in spending nationally.

Across Australia retail spending was up by 1.2 per cent, including a 3.3 per cent rise in the Northern Territory and a 2.1 per cent increase in NSW.

The only other state where turnover dropped was Western Australia, where it fell by just 0.3 per cent.

Comparatively in January 2013, retail spending in the ACT rose by about 2.5 per cent.

ACT Chamber of Commerce and Industry chief executive officer Andrew Blyth said Canberrans were saving their money after spending up big over Christmas.

''We did spend $530 million over Christmas, so people have spent what they had saved up,'' he said. ''[Now] people are thinking a bit more carefully about how they're spending their money.''

But Mr Blyth said ACT retail was also going through difficult times, with a growing acceptance of online trading and public service cuts.

He said some retail stores had resorted to running permanent sales, offering 70 per cent off all year round.

''I think retail will certainly be experiencing some tightening in the months and maybe year ahead.''

It's a harsh blow for Canberra's restaurant scene which underwent a culinary renaissance in 2013.

New entertainment districts in areas like New Acton and Braddon have led to ACT residents swapping their tea and sandwiches for coffee and quinoa. New Acton's Mocan & Green Grout originally opened in 2011 as a small espresso bar, but had to expand to the empty cafe downstairs in October 2012 to keep up with demand.

Co-owner Myles Chandler said he thought cafe and restaurant owners in Canberra were getting creative with their products.

''A lot of people are trying to do something different and interesting and being quite creative with their spaces and their menu,'' he said.

Until January, retail spending had risen consistently over the last 18 months, with barely a month of negative growth since July 2011.

Owner of the new boutique bakery Autolyse, Micky Guvas, said ACT customers were happy to pay a bit more for their dining experience. Up to a point.

''They won't pay too much more. They're quite savvy as well on price. If you're charging a lot and only delivering a little they'll look and say 'What's that?''' he said.

Mr Guvas said his bakery, which opened last April, had been extremely well received.

''[Canberrans] know what good bread is, they know what good coffee is, they know what a good pastry is and when they get it they appreciate it,'' he said.

Bars and clubs in Canberra have also been caught up in the recent culinary culture rush.

The 13-year-old Hippo Bar closed down for renovations early in 2013, only to reopen in August as Hippo Co.

Since then business has thrived, according to co-owner Laurence Kain.

''It's the busiest six months that the venue has had in 13 years,'' he said.

''It's been really good.''

But Mr Kain said he did wonder if the restaurant and bar industry in Canberra was approaching the point of saturation.

''At the moment it's at a really good point but if [businesses] keep opening up, things could could get interesting,'' he said.