December 20, 2012

Consumer spending in Australian up 2.2% for November 2012

Seasonally adjusted Australian consumer spending grew 2.2% in November 2012 amidst positive signs for the sector heading into the busy Christmas season.

By admin-demo

Seasonally adjusted Australian consumer spending grew 2.2% in November 2012 amidst positive signs for the sector heading into the busy Christmas season.

Retail spending had contracted by 1% in October and the November turnaround augurs well for the industry.

Figures published in the Commonwealth Bank Business Sales Indicator that tracks the value of credit and debit card transactions processed through Commonwealth Bank point-of-sale terminals said that the Amusement & Entertainment category returned the most impressive figures with an 8% increase.

Government services (up 1.6%), Automobiles & Vehicles (up 1.1%) and Transportation (up 0.9%) were the other better performing sectors in the country.

Commenting on the figures Commonwealth Bank Executive general manager for local business banking Adam Bennett termed it a good news for retailers in the country bracing up to the Christmas season.

"Although we have experienced spending volatility over the past six months, the latest results provide businesses with some much-needed good news in the lead up to Christmas.

"In addition to the latest November increase, spending is up 6.6 per cent on a year ago, and hopefully we’ll see this continue throughout the Christmas shopping season.

Coming off the back of a tough year for many sectors, it is important that businesses across the country are prepared to make the most of consumer spending over the coming weeks," added Bennett.

In geographical terms only the Australian Capital Territory returned negative sales, by 1%, while figures in Tasmania, Northern Territory and Western Australia remained flat.