The CommBank Household Spending Intentions (HSI) Index fell by 3.8 per cent to 112.3 in April after reaching a record high in March, led by falls in home buying, health & fitness and transport spending – while spending rose across the travel, entertainment and retail sectors.
Home buying spending fell by 21.5 per cent after gains in February and March, and is 13.1 per cent lower than in April last year. Health & fitness spending fell by 14 per cent, but is still up 2.9 per cent year on year. Transport spending fell by 8.6 per cent largely due to the reduction in the petrol excise and lower fuel costs, but remains 13.5 per cent higher over the year.
Travel spending reached a new record high in April and exceeds its pre-COVID peak, gaining 10.6 per cent during the month and 41 per cent on April 2021. Spending on travel agents, airlines, cruise ships, tourist attractions, hotels & motels and bus lines all increased, with a decline in camper & RV rentals reflecting changing travel patterns with the reopening of state and international borders.