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Spending on the rise,
Concerts, goods lift the index,
Insights for the wise.
CommBank's Household Spending Insights Index rises, driven by concerts and online marketplaces
The CommBank Household Spending Insights (HSI) Index saw a 0.8 per cent rise to 152.5 in October 2024. This increase was primarily driven by spending on Household Goods (+2.5 per cent) and Recreation (+1.6 per cent).
Ticketing services saw a significant 27 per cent increase in spending for the month, fuelled by concerts including Oasis, Luke Combs and Metallica, as well as the Melbourne F1. The strength in spending on Household Goods was largely driven by online marketplaces, hardware stores and discount department stores.
Out of the 12 spending categories, ten saw an increase in October, with only Education (-1.3 per cent) and Utilities (-3.4 per cent) experiencing a fall. The decline in Utilities was attributed to government rebates on energy bills.
Factors such as lower petrol prices, income tax cuts and reduced utility bills helped to boost spending from a fall in September.
