Hospitality spending weakest in January
This was reversed from a gain in December 2024.
Spending in Hospitality dipped 1% in January, one of the biggest spending falls in the month, according to the CommBank Household Spending Insight.
The segments in the Hospitality category include drinking places, takeaway food, fast food restaurants, food delivery services, cafes, eating places and restaurants, function centres, event and hire planning, breweries & wineries, and catering.
The dip is a reverse from a gain of 1% in December 2024.
Over the year to January, the largest contributors to Hospitality spending were restaurants, pubs and bars, fast food outlets, and delivery services.
This was offset by reduced spending on cafes, caterers, and breweries & wineries
Overall, the HSI Index saw flat spending in January, unchanged at 153.4, as consumers took a breather from opening their wallets following sale activity in the final months of 2024.
"The flat January HSI result was somewhat expected following the spike in spending we saw in the last three months of 2024 off the back of Black Friday, Cyber Monday and Boxing Day sales. Essentials made up the three highest spending categories in the month as consumers pulled back on discretionary spending,” CBA Senior Economist Belinda Allen said.
