COVID-19 is having a dramatic impact on household spending on goods and services in the Australian economy. Stephen Halmarick, Chief Economist and Head of Global Economic & Markets Research and Belinda Allen, Senior Economist discusses the CBA Household Spending Intention series for March. This series combines CBA credit and debit card data and publicly available Google Trends search data to drill down into seven categories of household spending - Retail, Health & Fitness, Home Buying, Education, Travel, Entertainment and Motor Vehicles. The results are surprising and provide unique insights to how COVID-19 is shaping household spending decisions.
To find out more on the Household Spending Intention series visit https://www.commbank.com.au/business/latest/spending-intentions.html