Below trend growth to continue
Our monthly transaction data indicates that spending picked back up in January after a small fall in December, with strength across most spending categories.
“Our monthly transaction data indicates that spending picked back up in January after a small fall in December, with strength across most spending categories.”
“The pick-up in January suggests that the softness seen in December was primarily the result of changing seasonal patterns with Christmas spending moving earlier into November to take advantage of Black Friday sales. Underlying spending behaviour appears to have remained fairly robust.”
“Strong inflation continues to affect nominal spending measures, and ABS data has shown that retail spending fell slightly in Q4 2022 in real terms. Price increases also likely contributed to the January rise but it is difficult to say by how much. Regardless, these results suggest consumers remained resilient through the first month of 2023.”
For further details please see NAB Monthly Data Insights (January 2023)
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