Household spending has surged 3.1% compared to the same period last year, driven by spending on essential goods and services, according to new ABS data.
“Non-discretionary spending rose 5.8 % compared to November last year, as spending on transport and health increased by 8.3% and 7.8%, respectively,” said Robert Ewing, ABS head of business statistics.
“Meanwhile, Black Friday sales boosted discretionary spending in November, similar to the previous year, so that households spent 0.3% more than November 2022 on discretionary goods and services.
“Spending on furnishings and household equipment was 1.7% higher than the same time last year, while clothing and footwear fell 0.1%.”
The positive trend extends across all states and territories, with the Northern Territory leading the way with an impressive 8.7% rise in spending. South Australia followed with a 5.2% increase, and Western Australia recorded a 4.6% uptick in household spending compared to the same period last year, ABS reported.
For a detailed overview of household spending trends, refer to Monthly Household Spending Indicator, November 2023.
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