Shoppers are heading back to the nation's malls, with data showing a lift in spending on clothes, beauty products and haircuts in response to the easing of coronavirus lockdowns.
Shoppers are returning to the nation's malls and spending, data from the ANZ and Commonwealth Bank shows.ANZ reported that in the week to May 22, personal spending was in positive territory year-on-year driven by strong growth in the services and grocery sector.
Senior economists Adelaide Timbrell and David Plank said although the figures might be affected by many businesses requiring customers to use cards rather than cash, there was a clear improvement in shopping activity.They said it appeared some consumers were tapping into their "household travel budget", which, because of state and international border bans, had remained unused over recent months.
"It seems that ANZ-observed retail spending is still stronger than what we might have expected before the full reopening of the economy," they said. "Non-essential retail growth is converging with elevated grocery spending, as fashion sales almost fully recover and home-related spending remains strong."
Even areas that had been heavily affected, such as car hire, car park and petrol station spending, were showing signs of improvement. CBA's data, which also covers the week to May 22, showed further improvement although it noted total spending was still down on where it was in early January before the onset of coronavirus.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Consumers start to spend again on fashion, personal care as lockdowns easeFigures collated by ANZ and Commonwealth Bank from their debit and credit cards show the advent of winter has prompted consumers to get off their lounges and down to the local shops for some retail therapy.
Read more »
Beach chaos threatens Europe as temperatures riseAs summer approaches, temperatures are starting to rise in Europe, and citizens are looking towards their next vacations after months stuck at home under lockdown restrictions.
Read more »
Coronavirus: Victoria’s lockdown set to ease from June 1Victorian Premier Dan Andrews has just announced relaxed restrictions from June 1, with the advice no longer being “stay at home”.
Read more »
Mascot Towers owners flag interest in sale of entire buildingOwners in Sydney's damaged Mascot Towers high-rise say they are open to considering a sale of the entire building, as some who have lost their jobs during the coronavirus lockdown face major financial difficulties|
Read more »
Formula One: Lewis Hamilton, Future, Coronavirus news and updatesLewis Hamilton has admitted to questioning his future in Formula One during the Covid-19 lockdown.
Read more »
'Highly unlikely' we'll return to lockdown, Health Minister saysHealth Minister Greg Hunt says states and territories are not likely to return to a lockdown situation again once restrictions to curb COVID-19 are lifted | MaxKoslowski
Read more »