Consumers spent more than 6% more in January than a year earlier. As in previous months, they spent more on services but less on goods, the Central Bureau of Statistics (CBS) reported.
This is mainly due to the fact that non-essential shops and the service sector were still grappling with the strict coronavirus measures last January. At that time restaurants, cinemas, theaters and museums had to keep their doors closed for almost the whole month.
Household consumption increased by 6.2 per cent in January compared with twelve months earlier. Consumers spent 12.2% more on services such as telephone and internet subscriptions, insurance, a visit to the hairdresser or a visit to a football match or restaurant. People spent 5% less on food, drink and tobacco. However, 5.3% more was spent on durable goods, with more clothing, textiles, shoes and appliances being purchased.
Spending on other goods was 3.1% lower. For example, in January this year it was a little less cold than in the previous year and households reduced their energy consumption. However, they spent more on fuel and personal care.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
