(Australian Associated Press)
Australians have been looking to spend much more on entertainment, travel and homes as they try and put the coronavirus behind them, however plans for retail therapy have slipped.
The Commonwealth Bank on Tuesday published a report on spending intentions for March, which showed interest piquing across entertainment, travel, homes, motor vehicles and education.
Australians’ plans to buy a home were up more than 20 per cent on an annual basis, the highest rate in the six-year history of the monthly report.
This is being helped by low interest rates of about two per cent.
Entertainment spending was up about 10 per cent, also on an annual basis. Pubs, restaurants and cinemas were among the biggest beneficiaries, the bank said.
Plans to spend on travelling were up by about the same amount, although this category had one of the sharpest drops at the onset of the pandemic.
Commonwealth Bank chief economist Stephen Halmarick said the report was another signal that Australia’s recovery from the pandemic was ongoing.
There was a different story for retail spending.
Consumers plans to spend with shops eased to be about six per cent higher for the year.
This comes after Australians’ panic-buying at supermarkets and grocers in 2020.
The bank’s spending intentions series is compiled using customer and Google Trends data.