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ANZ Data Point To Robust Pre-Christmas Spending

AUSTRALIA DATA

The ANZ observed spending index, based on card transactions, has been stable during November to date and in line with the previous two years ahead of the important Black Friday shopping period, which takes place on November 25 this year.

  • In 2020, Black Friday overtook Boxing Day as the key shopping period for the year. Retail spending momentum going into the end of the month is only slightly lower than 2019 and is solid for the key retail groups.
  • This data is consistent with the Australian Retail Association’s survey showing that festive spending this year should be robust, as consumers are happy to cut back on usual expenditure to be able to spend on Christmas.
  • Indicators are yet to show a slowdown in nominal household consumption despite depressed consumer confidence and rising rates and cost of living.
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