Household spending has increased by 20.7% in October 2022 compared to the same time last year, according to figures released today by the Australian Bureau of Statistics (ABS).
ABS head of macroeconomics statistics Jacqui Vitas said it was the 20th consecutive month of increased through-the-year total household spending, with increases seen in all categories.
“The through-the-year rise was more moderated than previous months, which coincides with less COVID-19 Delta lockdown impacts this time last year,” Vitas said.
Clothing and footwear was up 32.2%, just below hotels, cafes and restaurants (up 39.9%) and transport (up 42.3%).
Food and furnishings and household equipment both saw minor increases of 4.5% and 1.8% respectively. According to ABS, these categories were not as negatively affected by the pandemic.
All states and territories saw increased household spending in October 2022 when compared to October 2021. The Australian Capital Territory (up 36.6%) and Victoria (up 32.8%) recorded the highest through-the-year increases in spending. These jurisdictions experienced the strictest COVID-19 Delta lockdowns at the same time last year.
The strong through-the-year rises moderated in New South Wales, with a rise of 38.2% in September 2022 compared to 16.5% in October 2022, as restrictions started to ease in October 2021.
“What we have to note is that, despite these strong increases, what we're actually seeing is some trending down in terms of household spending for these categories,” Vitas said. “We saw smallest increases in furnishing and household equipment and also in food.
“If we compare October this year to October 2019, which was pre-pandemic, household spending is 18.2% higher. And what we were seeing was the strongest increases were in recreation and culture, clothing and footwear and alcoholic beverages and tobacco.”