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ANZ Data Show Consumption Responding To Worsening Finances

AUSTRALIA DATA
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ANZ-observed spending data for the first half of March showed that higher inflation and rates are now weighing on spending. Total expenditure fell 7.5% y/y in the week to March 18 with average daily spending down 6.2% y/y in March to date. The weakness was broad based across non-grocery items, even in services. Retail sales for February print on March 28. ANZ expects the RBA to hike 25bp on April 4.

  • Services spending fell over 12% y/y with travel -1% y/y and department store expenditure down 9% y/y. Entertainment was over 4% lower.
  • Spending in capital city CBDs is still below pre-Covid levels with Melbourne’s only 73% of 2019.
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ANZ-observed spending data for the first half of March showed that higher inflation and rates are now weighing on spending. Total expenditure fell 7.5% y/y in the week to March 18 with average daily spending down 6.2% y/y in March to date. The weakness was broad based across non-grocery items, even in services. Retail sales for February print on March 28. ANZ expects the RBA to hike 25bp on April 4.

  • Services spending fell over 12% y/y with travel -1% y/y and department store expenditure down 9% y/y. Entertainment was over 4% lower.
  • Spending in capital city CBDs is still below pre-Covid levels with Melbourne’s only 73% of 2019.