Advertisement
CBA’s Household Spending Indicator registered a 1.8 bounce in November, driven by consumers bringing forward their holiday shopping to take advantage of heavy discounting during Black Friday and Cyber Monday.
Spending rose in nine of the CommBank HSI Index’s 12 underlying categories, with the biggest gain driven by a 9.3% jump in household goods, by far the strongest category in November:
CBA Chief Economist Stephen Halmarick said November’s gains were expected given the recent history of a large increase in spending around Black Friday and Cyber Monday, but with the pick-up in spending likely be short-lived and fall in December.
Advertisement
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
Advertisement