Working from home
However, this easing of spending has not yet been seen for electronics. A steep rise in the ANZ-observed demand for electrical retailing (including large appliances and small electronics) suggests some households may be increasing their food storage capacity or upgrading/purchasing equipment to work from home with electrical retailing sales growing 59 per cent year-on-year for the week ending 26 March.
Not dressed up, nowhere to go
Retail categories most impacted by social distancing requirements have dipped dramatically.
Dining out and clothing both dropped 38 per cent year-on-year while footwear and accessories dropped 28 per cent year-on-year, according to ANZ-observed spending for the week ended 26 March.
Spend in these categories has been deteriorating in year-on-year growth terms since the week ending 15 March. Takeaway services spending also saw a smaller decline of 14 per cent year-on-year.