Consumer spending has fallen for the second month in a row, according to NAB’s transaction data for April.
Total spending fell 0.8 per cent in April, a steeper drop than 0.5 per cent drop in March.
Hospitality, construction, and arts recreation and travel, were the three categories that suffered the steepest falls.
Discretionary spending fell 1.2 per cent, while retail spending dropped 0.4 per cent in April, following the same fall in March.
NAB chief economist, Alan Oster, notes that adjusted pricing due to increased pandemic prices may be a factor in the slowdown.
