January Consumer Data Important To Watch For Behaviour Change

Supermarket Woolworths CEO Banducci noted at a confidential suppliers’ forum in November that January is likely to be key in assessing the state of consumers finances given rate hikes, fixed-rate mortgages are being refinanced and cost of living pressures, according to The Australian. Partial consumer data, such as card transactions, for January are likely to be particularly important ahead of the February 7 RBA meeting.

• He said that January is an opportunity for households to change their spending behaviour as post-Christmas bills are paid and they return from holidays and look at “back-to-school” bills and he is expecting the largest change in consumer behaviour in years in January 2023.
• Internal Woolworths’ data show that 41% of those surveyed now buy products when they are discounted. Banducci noted “As customers go into the new year, they are going to make adjustments, what they see as value is unquestionably going to change and we will all need to lean into this and help customers get the value they need.”
• Supermarket chain Coles chief executive Cain also observed that households are likely to focus on their budgets in January and February.
  - The Australian