Australian Consumers Are Willing to Spend Despite Pessimistic Sentiment

Shoppers walk around Pitt Street Mall in Sydney, Australia, on June 7, 2022. Brendon Thorne/Getty Images

Australian consumers are still willing to open their wallets despite having low confidence in the economy as retail spending in May hit record levels.

New data from the Australian Bureau of Statistics (ABS) showed that retail trade rose by 0.9 percent to a record of $34.2 billion (US$23.52 billion) in May, marking the fifth consecutive monthly increase in retail revenue.