Spending lifts in January as economic recovery gathers pace
(22 February 2013 – Australia) Economy-wide spending has posted solid growth with spending lifting by 1.9 percent in January according to a new source.
According to the research, spending increased in January, after falling by 1.3 percent in December.
Spending grew by 0.8 percent in trend terms in January, the fifth consecutive monthly increase in spending and the strongest increase in 10 months. Additionally, annual growth stands at 6.4 percent.
The source believes the latest results provide businesses with a more positive outlook for the year ahead.
"While Christmas spending did not have the impact many businesses had hoped for, the results of January spending offered some positive news. The results show that although spending patterns remain erratic, consumers are still willing to spend and confidence is heading in the right direction.
"The good news is we also saw solid annual increases in sectors such as amusement and entertainment and retail, which heavily rely on the busy festive period.
"As businesses look to the year ahead, it is important to continue to focus on efficiency and have plans in place to navigate future fluctuations in spending habits and consumer sentiment," the source reported.
The strongest monthly trend increase in sales occurred in Service Providers (largely financial firms) (up 3.7 percent), followed by Transportation (up 2.0 percent), Government Services (up 1.2 percent) and Airlines (nfp).
Amongst the weakest sectors in January were Mail Orders & Telephone Order Providers (down 1.6 percent), Professional Services & Membership Organisations (down 0.4 percent) and Hotels & Motels (down 0.1 percent).
The source’s trend has now risen for 20 straight months in the Northern Territory, for 19 straight months in Queensland, for 18 straight months in South Australia, for 16 straight months in ACT and for nine straight months in Tasmania.
Spending grew by 0.8 percent in trend terms in January, the fifth consecutive monthly increase in spending and the strongest increase in 10 months. Additionally, annual growth stands at 6.4 percent.
The source believes the latest results provide businesses with a more positive outlook for the year ahead.
"While Christmas spending did not have the impact many businesses had hoped for, the results of January spending offered some positive news. The results show that although spending patterns remain erratic, consumers are still willing to spend and confidence is heading in the right direction.
"The good news is we also saw solid annual increases in sectors such as amusement and entertainment and retail, which heavily rely on the busy festive period.
"As businesses look to the year ahead, it is important to continue to focus on efficiency and have plans in place to navigate future fluctuations in spending habits and consumer sentiment," the source reported.
The strongest monthly trend increase in sales occurred in Service Providers (largely financial firms) (up 3.7 percent), followed by Transportation (up 2.0 percent), Government Services (up 1.2 percent) and Airlines (nfp).
Amongst the weakest sectors in January were Mail Orders & Telephone Order Providers (down 1.6 percent), Professional Services & Membership Organisations (down 0.4 percent) and Hotels & Motels (down 0.1 percent).
The source’s trend has now risen for 20 straight months in the Northern Territory, for 19 straight months in Queensland, for 18 straight months in South Australia, for 16 straight months in ACT and for nine straight months in Tasmania.
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