Total consumer spending grew 0.7% in July
Insight
January 22, 2024
NAB Consumer Sentiment Survey Q4 2023
The NAB Consumer Stress Index rose for the fifth straight quarter, the highest since Q1 2020 and above the survey average for the first time in almost 4 years.
- While cost of living stress has levelled out, concerns related to job security continue to climb, rising quite sharply in the December quarter.
- The flattening of cost of living stress against rising new concerns is becoming an important piece in the outlook for the consumer in 2024.
- Australians continue to undertake ‘consumption smoothing’, making deliberate spending trade-offs to manage household balance sheets, support their lifestyle and cope with unexpected expenses.
- Consumers across the income spectrum are looking for ways to save money and rein in spending.
- But consumer loyalty is not dead – provided a growing list of expectations are met.
