Australians have spent a whopping $308 billion on retail goods in the 2016/17 period, with spending up at cafés, fast food outlets and retail and clothing stores.
According to data released by the Australian Bureau of Statistics (ABS) spending lifted 3.2 per cent in 2016/17 with prices up 1.4 per cent. The average Aussie is now spending just over $240 a week on retail goods.
While fast food and takeaway is a big hit with consumers, specialty food stores such as butcheries and delicatessens saw a decline in sales.
On average, Australian consumers are spending $14 on take-away food a week, buying nearly 7 percent more fast food than a year ago. In fact, currently we’re spending more on takeaway than we do on clothing.
Online shopping has also seen a surge in popularity with consumers and technology is helping people shop around to get the best deals.
Australian consumers are buying nearly 7 percent more fast food than a year ago
Total spending on retail goods and services rose by 3.2 per cent in 2016/17, the slowest financial-year spending in four years. Yet this is still good news for the majority of retailers with Aussie consumers buying 1.8 per cent more of a slew of items.
CommSec suggests the implications bode well for investors.
Consumer spending drives the Australian economy, accounting for 57 per cent of gross domestic product (GDP). So the fact that retail spending lifted by 1.5 per cent in the June quarter is important, suggesting that household consumption may have contributed 0.3-0.4 percentage point to economic growth in the quarter.
The Reserve Bank also noted on Friday “Timely indicators, including retail sales, suggest that growth in household spending picked up in the June quarter…”
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