Westpac Banking's (ASX:WBC, NZE:WBC) card data showed consumer spending is stabilizing following recent volatility, with quarterly growth at its fastest since late 2022, according to a Thursday report.
The Westpac-DataX Card Tracker Index, which tracks millions of daily credit and debit card transactions processed by the bank, rose 2.3 points since the end of May to 140 for the week ending June 14, marking the highest two-week average aside from the post-holiday rebound in May.
The index has stabilized over the past two weeks after volatility from March to May, the bank noted. Quarterly growth has risen at 1% to 1.3%, with the monthly trend in line but full clarity pending as volatility fades.
Category data showed a clear lift in discretionary services like hospitality and travel, flat activity in discretionary goods such as durables, and steady but modest growth in essentials, including health and education, the report said.
State data showed the pickup concentrated in Queensland and, to a lesser extent, New South Wales, indicating that weather disruptions may be partly driving the shift, the report added.
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