Australian consumers prioritised experiences in November, with recreation spending jumping 1.6 per cent, according to CommBank’s latest Household Spending Insights (HSI) report. Major events, including sporting fixtures such as the Ashes test match in Perth, alongside concerts from iconic bands AC/DC, Oasis, and Metallica, and the highly anticipated movie release of Wicked: For Good, significantly contributed to this surge in recreational spending. CommBank provides a range of financial services to individuals, businesses and institutions. The company aims to improve the financial wellbeing of its customers and communities.
Other sectors also experienced growth, with insurance and motor vehicle expenditures increasing by 0.9 per cent, while hospitality and household goods saw a rise of 0.7 per cent. In contrast, spending on utilities decreased by 2.1 per cent, primarily due to the conclusion of energy rebate payments. Food and beverage spending experienced a slight decline of 0.2 per cent, and transport expenditure remained relatively stable.
Black Friday sales contributed to increased spending in electronics, clothing, and furniture stores. However, recreation spending outpaced growth in the retail sector, marking a shift from previous trends where sales events typically drove the majority of November spending. According to Belinda Allen, CBA’s Head of Australian Economics, consumer spending patterns have evolved in recent years, with sales events starting as early as October, resulting in a less concentrated spending pattern.
