Consumers keen to start spending again

Consumer spending has begun to rise as pandemic restrictions ease and Australians emerge from lockdowns.

The latest data from the Australian Bureau of Statistics show both sales and profits are improving as consumers become more comfortable in crowds and start to get out and about again. 

Business turnover increased month-on-month in 12 of the 13 selected industries in November 2021. The strongest growth was in the accommodation & food services industry – up 15.9% month-on-month – as consumers started to feel safe about eating out and travelling once more.

It was followed by arts & recreation services at 14.1%, while construction grew 9.5% and administrative and support services grew 7.5%. Retail trade also enjoyed strong growth at 7.4% as consumers returned to the shops.

The ABS data is based on monthly BAS reporting covering businesses with GST turnover of $20 million or more and some smaller businesses that report on a voluntary basis.

Electricity, gas, water and waste services were the only industries to ease. They were down by 2.0% but this may also be a sign that people are now out of the house more.