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Aussies continue to spend on home improvements
Australians are keeping busy during lockdown, with spending on DIY and home improvements increasing, a major bank has found.
Aussies continue to spend on home improvements
Australians are keeping busy during lockdown, with spending on DIY and home improvements increasing, a major bank has found.
According to the latest credit and debit card spending analysis from Commonwealth Bank’s global economic and market research team, Aussies are spending less overall during the restrictions but are keeping spendings up on DIY projects.
Contrary to this spending, the data shows a sharp fall in spending on services, with both food and alcohol sales declining in the last few weeks.
CBA senior economist Kristina Clifton says that some of the spending patterns that emerged early on in the period of restrictions and lockdowns are now reversing.
“While food spending is still up around 4 per cent compared to a year ago, people may now feel they have enough grocery items in reserve. Spending on food fell by 12 per cent over the week, following a 21 per cent fall from the previous week,” Ms Clifton said.
Spending on alcohol also dropped over the week, down 33 per cent compared with the previous week, following two weeks of very strong spending.
“Consumers may feel like they have enough alcohol stocked up, and the fact that many businesses are pivoting to build digital businesses and implementing contactless delivery services may be providing further reassurance. Restrictions on activity have also been ramped up and people are no longer allowed to socialise with those that they don’t live with. There will be fewer barbecues, parties and other social occasions,” said Ms Clifton.
Despite spending falling in multiple categories, it remains strong in DIY projects, with Australians putting their time in isolation to good use, Ms Clifton said.
“Although spending on household furnishing and equipment was down 7 per cent on the previous week, compared to the same week last year it is up 20 per cent,” said Ms Clifton.
“Some categories of spending seem less affected by the coronavirus. These included education, utilities, communications and household services and operation,” Ms Clifton concluded.
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