As we know, the Australian economy is driven overwhelmingly by household consumption, which accounted for 55% of Australia’s total final demand in 2019:
Even before the COVID-19 outbreak hit, Australian consumers had shuttered, with consumption growth plummeting to levels not seen since the Global Financial Crisis more than a decade ago:
New research by the Boston Consulting Group shows that Australian consumers have reduced their spending during the COVID-19 lockdown, and half expect to keep doing so over the next year. Specifically, about 70% of respondents expect to reduce their travel expenditure when the coronavirus restrictions are eased and 45% expect to spend less on luxury brands.
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