CBA: Staples boom, discretionary busts

Tuesday, 24 March 2020

Via CBA:

CBA Card Spend – week ending 20 March 2020

— CBA card spend indicates a surge in spending on food, alcohol and health over the past week.

— Spending has retreated sharply on clothing & footwear, recreation, transport and education.

— Expenditure on goods has lifted materially, whilst services spend has contracted.

— The overall level of expenditure has risen primarily because of the spike in sales at food retailers.

Insights on spending from CBA card data:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.