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.
![](http://wp.inqld.com.au/wp-content/uploads/2020/01/johnmccarthy.jpg?resize=96,96&quality=90)
![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)](http://wp.inqld.com.au/wp-content/uploads/2023/07/20230713001819877140-original-e1690171091516.jpg?resize=1313,876&quality=90)
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.