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Australian Spending Slows Due to Black Friday
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Australians cut back on spending due to Black Friday and Cyber Monday sales, leading to a 3.9% drop in the CommBank Household Spending Insights index. The underlying pulse in spending remained weak, with a 16% fall in household goods and a rise in spending on insurance, transport, and health.
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How might the shift in consumer spending patterns impact the retail industry, especially during major sales events like Black Friday and Cyber Monday?
In what ways could the subdued spending trend in Australia influence global consumer behavior and economic trends?
What factors could contribute to the anticipated further slowdown in household spending through the first half of 2024, and how might this affect the overall economy?
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