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.

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.

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About Brett Warren Brett Warren is National Director of Metropole Properties and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their wealth through strategic property advice.