-
Consumer spending set to boost economic recovery
Cameron Micallef writes in an article on nestegg.com.au that Australia’s recovery from the COVID-19 downturn looks to be buoyed by a wave of consumer spending, as Aussies increase their spending habits post-lockdown restrictions, new studies have revealed.
Travel spending intentions posted the strongest year-on-year improvement among all seven categories in CBA’s Household Spending Intention series.
Mr Halmarick opined that the increase is partly driven by stronger travel-related spending and partly due to the collapse in spending recorded in March last year.
“The travel sector was among the hardest hit by the onset of the COVID pandemic, with border closures and a countrywide lockdown stifling nearly all travel-related activity,” Mr Halmarick said. “This month’s data, while distorted by base effects, still demonstrates how far the sector has recovered since last year.”
While separate data released by buy now, pay later (BNPL) service provider Zip Co showed strong indications of Australians consumers travel plans.
Zip Co’s co-founder and CEO Peter Gray noted that the data showed Australians are looking inward for their next holiday.
“Zip’s data shows that while people couldn’t get overseas this summer, it hasn’t stopped them getting out of the house,” Mr Gray said.
“Caravan dealers are selling over double from this time last year, and scuba-diving spend is almost four times what it was. While the local tourism industry is still missing the international dollar, our data shows Aussies are out there driving, diving and jumping in to support them.”
Read the full article here.
-
0 Replies
Sorry, there were no replies found.
Log in to reply.