According to NAB’s transaction data, consumer spending has remained steady, with total spending on both goods and services flat. Despite this, discretionary spending saw a modest increase of 0.6% month-on-month, while non-discretionary spending declined by 1%.
The decrease in non-discretionary spending was primarily due to a significant drop in expenditure on utilities and fuel.
Annual growth in consumer spending
Consumer spending is up 5.6% over the past 12 months. However, consumption growth has softened since the beginning of this year, according to Alan Oster, group chief economist at NAB.
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