Annual electronic card retail spending in the region was 4.1% compared to the annual inflation rate of 5.6% for the period ending September 2023. Hence, the annual growth in retail spending is lower than the rate of annual inflation, indicating a real decline in the value of spending in the region, over the year.
Retail spending in the region was supported by spending on accommodation with a +27% increase while art, restaurants, bars and takeaways spending increased by 13%.
Overall annual retail spending growth in the region is behind national growth of 7.4% over the year, with annual electronic card retail spending in the region at $1,787 million, an increase of 4.1%. This is lower than the annual inflation rate of 5.6% for the same period, which means that the increase in spending is mainly due to inflation.
To better understand what's influenced these figures, our greatest sectors of spend, and annual growth supported by spending in tourism and travel (such as art, recreation, accommodation, cafes, and restaurants). Check out the latest Retail Report.
