Consumer spending growth accelerated to five per cent year-on-year in the three months to the end of December last year, with retail trade picking up momentum over the holidays, new National Australia Bank data has revealed.
Up from three per cent growth y/y in the third quarter, NAB’s latest quarterly customer spending report, which measures around 2.7 million daily transactions through the bank’s facilities, has tracked spending increases across the entirety of metro and regional Australia.
Retail trade increased 3.4 per cent y/y in Q417, up from 2.4 per cent in the third quarter, while accommodation and food services spending was 10.4 per cent, up 3 per cent.
The Northern Territory was the strongest growth state for retail trade, up six per cent, offsetting a 0.6 per cent decline in Western Australia.
Retail trade spending growth was 4.7 per cent in Victoria and 3.3 per cent in NSW. Across the entire economy Victoria was the strongest performer, while NSW and NT lagged.
Average monthly customer spending during the quarter was up $166 to $2306 in metro areas and up by $104 to $2089 in regional areas.