New CommBank Data Shows Aussies Are Spending Big

New CommBank Data Shows Aussies Are Spending Big
SHARE
THIS



New CommBank data shows Aussies are spending big, fueled by Christmas and the post-Delta desire to get out and about. 

The CommBank Household Spending Intentions Index rose by 2.5 per cent to 115.0 in December. 

This is the highest level since the series commenced in July 2017.

The biggest gains have been in the travel, transport and retail sectors. 

The index shows strong Christmas trading was boosted by the lifting of Delta restrictions, with accumulated household savings during COVID (estimated at $A260 billion) also powering the surge.

Travel spending intentions rose 28.1 per cent during December as a result of the reopening of state borders and an upswing in summer holiday spend. 

Travel-related spending is up 20.9 per cent from December 2020 but it remains lower than December 2019. 

Hotels, motels and resorts, travel agents, tourist attractions, trailer parks and campground categories have all seen increases, while airline spending remains weak.

Transport spending intentions jumped 11.8 per cent in the month. 

Higher petrol prices were a key factor as spending at service stations continued to lift, along with spending on taxi services, tolls, car washes and trailer rentals. 

That said, transport spending intentions are still below pre-COVID levels, with public transport spending still weak due to the shift to working from home.

Retail spending intentions rose 10.8 per cent in December and are 2.8 per cent higher than December 2020.

This has been driven by increases in spending on speciality retail stores, department stores, clothing stores, electronic stores, jewellery and watch stores and hardware stores. 

Interestingly, spending at liquor stores fell as consumers continued to shift to eating and drinking outside the home.

CBA, senior economist, Belinda Allen, said, “The household spending data for December showed a sustained recovery from the Delta lockdowns.”

She added, “The Omicron variant, which has led to a surge in COVID cases late in December and into January, is an important development to watch.”

CBA economist Stephen Wu also noted, “That consumer spending had already dropped by around 3 per cent over January as a result of the latest spike in COVID cases.”

While there is always Christmas spending volatility, Wu stated, “The surge in COVID cases over the past three weeks has resulted in around 3 per cent less spending over the period than would otherwise have been the case.”

Read more about CommBanks January report here.

Please login with linkedin to comment

Belinda Allen CommBank Stephen Wu

Latest News

World-First Australian Fashion Trademark To Accelerate Demand for Australian Fashion Industry
  • Campaigns

World-First Australian Fashion Trademark To Accelerate Demand for Australian Fashion Industry

The Australian Fashion Council (AFC) – the peak body for the Australian fashion and textile industry – has launched Australian Fashion Trademark. The Australian Fashion™ and ‘Fashion Evolution: From Farm to Industry’ launched at Afterpay Australian Fashion Week. Over the next 10 years, the industry has the potential to deliver an additional $10.8 billion in […]

Elon Musk Was Accused Of Sexual Misconduct And SpaceX Paid Heavily To Cover It Up
  • Media

Elon Musk Was Accused Of Sexual Misconduct And SpaceX Paid Heavily To Cover It Up

According to reports, the SpaceX and Tesla owner, Elon Musk, asked a flight attendant for an “erotic massage” then proceeded to touch her inappropriately without her permission. He then gave her over $350,000 to keep her from talking about it. The report, which originally came from the Insider, cites a close friend of the flight […]

In Adland, Inexperience IS A Virtue!
  • Opinion

In Adland, Inexperience IS A Virtue!

Young Lions winner Summer Treseder says junior voices in adland need to be heard. Arguably not their music, however.

Opinion

by B&T Magazine

B&T Magazine
Blobfish Serves You A Delicious Meal While You Kick Back And Enjoy ‘The Batman’
  • Campaigns

Blobfish Serves You A Delicious Meal While You Kick Back And Enjoy ‘The Batman’

Blobfish International, Australia’s largest and most powerfully engaging sampling network, has partnered with Roadshow Films and its agency OMD to develop a movie industry first campaign for new The Batman movie. In conjunction with Uber Eats, Deliveroo, Menulog, and Door Dash, drivers will deliver food orders to consumers in The Batman branded delivery bags with […]

Lotame’s Panorama ID System Gets Adopted By Google For Greater Connectivity
  • Technology

Lotame’s Panorama ID System Gets Adopted By Google For Greater Connectivity

Lotame, the only flexible data solutions provider to future-proof connectivity and drive performance across all screens, today announced that Google has authorized use of the Lotame Panorama ID within its supply-side platform (SSP). With these integrations and multiple data partners supporting the Panorama ID, Lotame extends its cookieless data connectivity capabilities for marketers and publishers […]

Sisense’s Latest Report Reveals Key Data For Building And Maintaining Relationships With Consumers
  • Marketing

Sisense’s Latest Report Reveals Key Data For Building And Maintaining Relationships With Consumers

Sisense, the leading AI-driven platform for infusing analytics everywhere, today announced its Future of Data Analytics Report 2022 – Asia Pacific Edition, which highlights data professionals in the APAC region see data and analytics as valuable to digital transformation and future-proofing their business, yet find their organisations’ strategic capabilities are far from reaching their true […]