Australia: NAB customer spending grew 6.8% y/y in Q1 2018 - NAB

Australia’s total NAB customer spending grew 6.8% y/y in Q1 2018, up from 5.0% in the previous quarter and 2.0% compared to the same quarter a year ago, notes the research team at NAB.

Key Quotes

“Spending growth in metropolitan areas is now outpacing growth in regional areas - the first time since NAB started reporting this data in Q4 2016. Spending growth was again fastest for ‘experiences’ such as Accommodation & Food and Arts & Recreation.”

“By capital city metro area, spending growth was fastest in Melbourne, Sydney, Hobart and Adelaide. In regional areas, spending growth was fastest in SA, followed by VIC, QLD and NSW.”

“Average monthly spending was highest in Sydney ($2,197) marginally ahead of VIC ($2,196). But, there are big variations in average spending amounts across metropolitan local government areas (LGAs). In Sydney for example, average monthly spending ranged from $4,166 in the highest spending LGA to just $1,475 in the lowest - a gap of $2,691.”