The expenditure data compiled by CBA (Commonwealth Bank of Australia) and two independent measures of business and consumer confidence both show that consumer confidence has increased gratifyingly, with Victorian hairdressers and household goods suppliers being the biggest winners. According to CBA data, from the end of October to the first week of November, consumer spending in Victoria increased by 16 percentage points.
CBA tracks consumption through its credit and debit card network. Consumer spending in Victoria has increased by 15% over the same period last year, higher than NSW (13%) and the same as Queensland. CBA senior economist Belinda Allen said: “Due to the relaxation of Victorian restrictions and the imminent opening of the interstate border, credit card spending has surged.”
The reopening of the Victorian wine and travel industry seems to have boosted consumer confidence even more. The ANZ-Roy Morgan weekly consumer confidence index rose by 3.2%, reaching its highest level since the first week of March. People have shown increasing confidence in the economy in the next 12 months and the next 5 years. The current financial situation has also improved, but it is still negative, far below the level before the epidemic.
ANZ (Australia and New Zealand Bank) economic director David Plank said that for the first time since the outbreak, consumer confidence is above average, which may be a good development for merchants in the coming weeks. This may indicate that the Christmas shopping season will be very active.
https://www.brisbanetimes.com.au/politics/federal/victorians-rush-for-hair-cuts-hopes-grow-for-good-christmas-for-retailers-20201110-p56d8l.html