NAB’s Chief Economist, Alan Oster provides his thoughts on the Australian and Global economy.
Our monthly transaction data showed a fall in spending in December.
“Our monthly transaction data showed a fall in spending in December in seasonally adjusted terms, with a notable fall in retail spending reflecting that Christmas spending has increasingly shifted from December to November.”
“Notably, seasonally adjusted retail spending across the whole October-December period remained 1.2% higher in three month average terms, and was around 4.1% higher than in the same period in 2022.”
“Nonetheless, the soft December spending number is likely a sign that the pressure on consumers resulted in some adjustments to spending behaviour across the Christmas period.”
For further details please see NAB Monthly Data Insights (December 2023)
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