Demographics and Trade Prospects Will Shape Spending
Although consumer spending has remained resilient despite flat GDP and weak confidence, population decline is reshaping consumption dynamics. Demographic changes will weigh on consumer spending growth over the next couple of years.
Although households have been resilient despite an increase in inflation and a softer labour market, what factors could weigh on near-term real spending growth and how will this impact discretionary purchases? What will drive most of the growth in consumer expenditures over the next five years? How will demographics impact spending on semi- and non-durable goods such as food?
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