ABS data: cautious consumers opt for home cooking
According to figures released by the Australian Bureau of Statistics (ABS), Australian retail turnover as a whole fell 0.4% (seasonally adjusted) in March 2024.
Turnover fell in all industries this month except for food retailing (+0.9%), highlighting the continued underlying weakness in retail spending and a potential rising trend in consumers choosing to make their meals at home as opposed to eating out. There was also a 0.2% drop in consumers spending their money at cafes, restaurants and takeaway food services.
“Consumers pulled back on retail spending in March as cost of living pressures remained high,” said Ben Dorber, ABS head of retail statistics.
Access the full report here.
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