Commonwealth Bank (CBA) Household Spending Intentions (HSI) series data for July 2021 clearly shows the impact of lockdowns across Australia, with declines in spending intentions across most categories including home buying, retail, travel, entertainment, education and motor vehicles compared to July 2020.
This is the first time that year on year spending intentions have fallen across most categories since the start of the COVID-19 pandemic. The only exception is health & fitness spending which remains higher over this period, due to elevated spending for doctors, hospitals, medical labs, nursing & personal care, orthopaedic, osteopaths and podiatrists.
About CBA’s monthly Household Spending Intentions series
Each month, analysis by CBA’s Global Economic and Markets Research team provides an early indication of spending trends across seven key household sectors in Australia. In addition to home buying, the series covers around 55 per cent of Australia’s total consumer spend across; retail, travel, education, entertainment, motor vehicles, and health and fitness.
The HSI series offers a forward-looking view by analysing actual customer behaviour from CBA’s transactions data, along with household search activity from Google Trends.