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ANZ December Data Point To Consumption Slowdown Going Into 2023

AUSTRALIA DATA

ANZ data based on card transactions rose 1.8% m/m in the first 10 days of December. This is slower than the 12% m/m seen at the same time in 2019.

  • The Australian Retail Association had noted that this year consumers were spreading out their spending to ease budget pressures. ANZ also comment that the weakness versus 2019 may be overstated by the timing of the Black Friday weekend but that the slower momentum is suggesting that people are cutting back on discretionary spending.
  • Some have suggested that there is currently a switch to services spending away from retail but the ANZ data reported slower spending on dining, entertainment, health & fitness and travel compared with 2019.
  • Apparel, department stores and electronics saw particular weakness versus 2019.
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