Consumers spend big after lockdowns

As outlined by Sarah Hunter, the spending spree can be attributed to strong jobs growth, a pick-up in wages, the re-opening of the economy after the Omicron wave and record household savings.

Consumer spending has rebounded strongly over the past 12 months with people emerging from lockdowns to splurge on clothing and footwear, according to data released last week. While households are undoubtedly feeling the pinch from higher food and fuel prices, the Australian Bureau of Statistics’ (ABS) new monthly index revealed that overall spending was up 7.7 percent on a year ago in February. This was led by clothing and footwear (+20.2 percent), recreation and culture (+17.8 percent) an...

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Authors: Sarah Hunter

Published Date: 26 April 2022