Will Australia spend 240 billion dollars on holidays? Travel product recovery

2022-11-21
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Author:Wu Shuai
Source: ennews

Surveys and data show that Australians' spending around Christmas may reach$240 billion.

 

Foreign media reported that despite the blockade, income reduction and travel restrictions this year, most Australians are expected to spend Christmas this yearThe enthusiasm for consumption before and after will not decline.

 

It is understood that the Federal Bank's household spending intentions(HSIIndex atIt reached a new high in November,achieve110.3 pointsIt is the highest level since the outbreak of the epidemic.HSI reflects people's consumption activities and their consumption intentions. Stephen Halmarik, Chief Economist of the Bank(Stephen Halmarick) said that the data showed that Australia's economic recovery was strong from the recent.

 

He explained that during the blockadeEconomic activities are restricted, and many families have hoarded hundreds of billions of dollars in additional savings."During the pandemic, Australians' savings rose to record levels," he said. "CBA estimatesAustraliaThe family has accumulated aboutWith the excess savings of 240 billion dollars, peoplePrepare toThis money is before ChristmasAfter that, all of them will be spent. And in the meantime, there are signs of strong retail sales.

 

Root Statistics, AustralianDuring the period of Black Five Network I, the expenditure reachedA $8 billion, up 8%.

 

sinceSince August, Australia's retail spending has increased by 21%, with clothing, furniture and household equipment, electronic stores, household appliances, jewelry and watches, and pet stores having the largest growth. "More positively, the year-end celebration promoted cosmeticsclothingIncreased expenditure on renovation and clothing leasing,”Halmarik said.

 

The largest increase in the index is in transportation (up21.5%) and travel (up 14.7%). This shows that people are ready to pack up and go on vacation.Travel products may be popular. Halmarik said:"What is important is that the index of travel expenditure intention is now 77% higher than that in August 2021, but still 30% lower than the pre epidemic level in November 2019."

 

As Australians begin their long-awaited holidays, the expenditure on hotels, motels and resorts, travel agencies, airlines, tourist attractions and campervans is also increasing.The demand for camping and outdoor travel products has increased.


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