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Australia’s total NAB customer spending grew 6.8% y/y in Q1 2018, up from 5.0% in the previous quarter and 2.0% compared to the same quarter a year ago, notes the research team at NAB.

Key Quotes

“Spending growth in metropolitan areas is now outpacing growth in regional areas – the first time since NAB started reporting this data in Q4 2016. Spending growth was again fastest for ‘experiences’ such as Accommodation & Food and Arts & Recreation.”

“By capital city metro area, spending growth was fastest in Melbourne, Sydney, Hobart and Adelaide. In regional areas, spending growth was fastest in SA, followed by VIC, QLD and NSW.”

“Average monthly spending was highest in Sydney ($2,197) marginally ahead of VIC ($2,196). But, there are big variations in average spending amounts across metropolitan local government areas (LGAs). In Sydney for example, average monthly spending ranged from $4,166 in the highest spending LGA to just $1,475 in the lowest – a gap of $2,691.”