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We’re spending more as Omicron cases fall

Have you been spending more, or are you stashing your cash?

All the banks are carefully tracking consumer spending to gauge consumer sentiment.

ANZ-observed spending data shows some recovery in spending in the second half of January amidst a fall in COVID cases, though spending is still suppressed.

Total ANZ-observed spending was only up 0.9% year on year for the week to 29 January, despite considerable inflation over the last year.

consumer spending

Shopping spending was down 4% year on year in the week to 29 January 2022 but was up 10% compared with the first week of January.

Social categories are still far below early 2021, with entertainment down 12% year on year for the week to 29 January and dining/takeaway down 7%.

Dining was up 11% compared to the first week of January though, with Victorian dining increasing by 20% compared to the first week of January.

consumer spending

ALSO READ: Is inflation good or bad for our economy?

About is a Property Strategist with an accounting background and over 30 years’ Commercial Banking experience. She is a passionate property investor who enjoys helping her clients create wealth through property investment using Metropole’s strategic approach.
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