Business
Discretionary spending falls in wealthy suburbs, while inner north drives recovery – The Age
Analysis of discretionary spending levels across Victoria shows people have tightened their purse strings in high-income suburbs in response to the pandemic.
It showed that in Stonington, which includes the leafy suburbs of Toorak, Malvern and South Yarra, discretionary spending was down by 61 per cent in September and October, compared with late last year.
Port Phillip, which includes Albert Park, South Melbourne and St Kilda, recorded a 68 per cent decrease in discretionary spending in September-October, after falling by 41 per cent in April.
In Monash, which has a higher-than average household income, discretionary spending was down by 62 per cent…
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