November 5 Economic Update: our new normal emerges
Credit Simple is part of the illion group of companies. illion has partnered with AlphaBeta to create a fortnightly economic update, and we think you’ll find it useful in these strange times.
New data released today shows Australia’s economic recovery is starting to emerge.
The last fortnight of spending has been the first time Australia has hit pre-pandemic levels of spending since July.
This is also the first time since the pandemic began that high income earners are spending at pre-COVID levels – both in discretionary and essential spending.
Food delivery remains the strongest category across Australia in terms of growth and resilience – and it could be the new normal.
Last week’s results are a great sign that the tapering of the stimulus and supplement measures are not having a disastrous effect on the economy.
Australians should be buoyed by the fact that spending is now back to pre-COVID levels across both essential and discretionary spending.
It’s pleasing to see confidence returning – and especially that the higher income earners are opening their purse strings again.
Aussies love their MasterChef but are very obviously leaving the cooking to someone else.
NSW winners and losers
Winners:
- Food Delivery 356% above pre-pandemic levels
- Online Retail 139% above pre-pandemic levels
- Online Gambling 73% above pre-pandemic levels
- Fast Food Restaurants 45% above pre-pandemic levels
Losers:
- Travel 73% below pre-pandemic levels
- Entertainment (Movies, Arcades, Bowling etc.), 62% below pre-pandemic levels
- Public transport 46% below pre-pandemic levels
- Gyms + Personal Trainers 47% below pre-pandemic levels
Victorian winners and losers
Winners:
- Food Delivery 167% above pre-pandemic levels
- Health Services 147% above pre-pandemic levels
- Petrol Stations 69% above pre-pandemic levels (most likely due in the last week to the 25km radius increase)
- Pet Care 66% above pre-pandemic levels
- Gambling 19% above pre-pandemic levels
Losers:
- Entertainment (Movies, Arcades, Bowling etc.), 97% below pre-pandemic levels
- Public transport 79% below pre-pandemic levels
- Gyms + Personal Trainers 89% below pre-pandemic levels
- Retail 73% below pre-pandemic levels
Find out more
As COVID-19 continues to impact the economy, illion is working with AlphaBeta to provide you with weekly insights on the current state of play. Want to know more? Further data is available here.
