AN EARLY LOOK AT HOW COVID 19 IS AFFECTING HOUSEHOLD SPENDING – Article

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The following article has been developed by the Global Economic & Markets Research team

COVID-19 has dramatically impacted the way we live, work and socialise. This can be seen in how spending has changed from a year ago.

CommBank’s analysis of purchases on CBA credit and debit cards shows three clear changes in spending in the week that ended 20 March 2020 relative to the same week in 2019:

  • Spending on food, alcohol and health surged
  • Spending on clothing and footwear, recreation, transport and education fell sharply
  • Expenditure on goods was much higher while spending on services was much lower

Change in spending on cards in the week ended 20 March 2020 from a year ago

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