Baby boomers splurging on health and wellbeing products this Christmas

Baby Boomers are spending 10.1% more on health and wellbeing products and 9.9% more in pharmacies this December than last, according to data analysis by NAB Bank and analytics firm Quantium. 

The Executive Director of Quantium, Tony Davis reported that baby boomers were at the forefront of spending earlier this month.

"Australian consumers aged over 65 spent 5% more in the first week of December than at the same time last year," he said. 

"This is a bigger jump in spending than the 4% for 45-64 year-olds, the 3.2% for 25-44 year olds and the 3.9% for those under 25."

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This comes as the Commonwealth Bank Business sector found spending reached new heights among Australian consumers in November. The Big Four bank saw a 0.4% growth in economy-wide spending last month in its Bank Business Sale Indicator statistics.

“Annual growth figures still show that economy-wide spending remains above the decade average, and this continues a long stretch of positive annual growth dating back to early-2012,” said Savanth Sebastian, CommSec Market Analyst in a report.

This year Australians spent $9.5 billion compared to last at $9.1 billion, NAB and data analytics firm Quantium found. NAB Executive General Manager of Consumer Lending Angus Gilfillan, said in a report that the proof is in the pudding for retailers. 

"We have seen business conditions for retailers improve over the course of 2015 and December looks like it will be the icing on the cake."

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