Omicron moves spending down and online

National ANZ-observed data shows that there are no signs of a recovery in spending as the omicron variant of COVID-19 continues to impact consumer confidence.

The first half of January saw a decline of 27 per cent in spending compared to the first half of December, with entertainment and travel spending continuing to drift lower. Groceries spending improved and non-food retailing and dining has stayed somewhat stable at low levels.

Dining spending has shifted online as well, with over 10 per cent of dining/takeaway spending occurring online, compared with 4 per cent pre-COVID and 12 per cent to 14 per cent during lockdown periods. Non-food retailing has also shifted down and online, but not as sharply.

Twenty five per cent of ANZ-observed non-food retailing is now occurring online, which is a little higher than recent shares of online spending outside of lockdown conditions but lower than the peak last year during Delta lockdowns of 40 per cent.

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