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Spending moves out

Australian households are spending less on furnishing their homes, in favour of food and recreation, new data shows.

Figures released this week by the Australian Bureau of Statistics (ABS) show that household spending increased by 4.3% in January 2022 when compared with January 2021.

Jacqui Vitas, head of Macroeconomic Statistics at the ABS, observed that eased COVID-19 restrictions in January saw consumers shift spending from their homes to hospitality and retail venues.

“The rises were led by spending on recreation and culture (11.3%) and food (9.7%)”, Vitas said.

“Household Spending increased in seven of the nine spending categories in January 2022 when compared to January 2021.

“The only categories with decreased spending compared with January 2021 were on alcoholic beverages and tobacco (down 10.6%) and furnishings and household equipment (down 4.0%)”, she added.

The Northern Territory (down 2.4%) was the only region with a decrease in household spending in January 2022 compared with January 2021. Then again, it was also the only jurisdiction with imposed lockdown restrictions during the month of January 2022.

Western Australia (7.1%) recorded the largest increase in household spending through the year.

About Adam Nobel

Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA

adam@hugoalexander.com.au

0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 20 years experience in property investment, and 14 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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