Business
Sydney’s wealthiest tightened their belts during lockdown. Now they are spending again – Sydney Morning Herald
Spending by those on lower incomes helped sustain Sydney’s economy during the pandemic lockdown. Now wealthier consumers are driving the recovery.
Woollahra council area in Sydneys east had the city’s largest spending slump at the onset of the pandemic falling to 19 per cent of pre-pandemic norm in mid-April. But in September-October spending in Woollahra had climbed back to 82 per cent.
The tracker, developed by analytics firm AlphaBeta, a part of Accenture, and the credit bureau illion, shows spending in nearly all Sydneys local government areas had improved since the lockdown.
Burwood in Sydneys inner west had the biggest turnaround spending…
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