Australian households continued their economic cutback in February despite a certain pop megastar driving a huge increase in spending at music festivals and event venues.
households continued their economic cutback in February despite a certain pop megastar driving a huge increase in spending at music festivals and event venues.
That was despite music festivals and function and event centres registering jumps of 76 and 115 per cent respectively, thanks largely to hundreds of thousands of people flocking to and spending heavily atMan jailed for life for 'pure evil' murder of estranged wifeNot even the Taylor Swift effect could lift Australian household spending last month.
"Consumers clearly prioritised tickets to see their favourite artists like Taylor Swift, with spending up on musical festivals, as well as spending on flights and hospitality venues, likely associated with the headline concerts."However, the jump in hospitality and recreation spending wasn't enough to offset weakness across seven of the 12 categories of the Index, which paints a picture of consumers cutting back."While the HSI index rose 3.
"It's important to note the annual rate of increase of the HSI index has fallen to 3.5 per cent, which is close to flat in real terms when an inflation rate of 3.5 to 4 per cent is taken into account," Halmarick said.
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