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Household Spend Up 5.6 Percent Compared to Pre-Pandemic Levels
Household spending has emerged from the darkness, lifting 7.7 percent in February 2022, according to the ABS.
Household spend has increased 7.7 percent compared to February 2021. Furthermore, comparing this result to pre-pandemic January 2020 levels, household spend is up 5.6 percent.
The largest increases across the industry included footwear and clothing, lifting 20.2 percent. Other categories that experienced an uplift include recreation and culture (up 17.8 percent), hotels, cafes and restaurants (up 15.6 percent).
“Household spending increased in seven of the nine spending categories in February 2022, compared to February 2021,” explained Jacqui Vitas, the Head of Macroeconomics at ABS. “The only categories with decreased spending over the same period were on alcoholic beverages and tobacco (-10.3 percent) and miscellaneous goods and services (-0.8 percent).”
The catalyst for the increase is the reduction in COVID cases, Vitas said, alongside the lowering of restrictions. This saw an increase in consumer confidence, resulting in more money spent in recreation, hospitality and retail venues.
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