Consumer spending levels show that even Barbie can get old
Consumer spending plunged 8 per cent last week as interest rates forced people to tighten their belts, but “Barbenheimer” was clearly an area where Australians had made an exception, according to ANZ.
Ryan Gosling, left, and Margot Robbie pose for photographers upon arrival at the premiere of the film 'Barbie' on Wednesday, July 12, 2023, in London. (Scott Garfitt/Invision/AP)
The bank said that its own data showed cinema spending jumped 95 per cent, which lifted overall entertainment spending by 8 per cent.
“The Barbenheimer frenzy appears to be fading though,” it said, referring to the recently released Oppenheimer and Barbie movies.
“The ongoing softness in ANZ-observed spending, alongside the weak ABS household spending indicator and negative retail volumes print, suggests the RBA’s efforts to curb spending are working,” the bank said.
“Many households are facing a cashflow squeeze and are adjusting by curbing spending.
“ANZ-Roy Morgan Consumer confidence is very weak, inflation remains high (6 per cent year-on-year in the second quarter), and the RBA expects mortgage payments will hit a record high of 9.8 per cent of household disposable income by the end of the year (vs a long-term average of around 8 per cent).
“Households appear to be opting to eat at home with dining/takeaway down 16 per cent year on year.”
Travel spending was also down 11 per cent year-on-year, although travel agent spending was up 5 per cent which the bank said suggested that households were still making travel plans.
