Here's a data blip in Australia that's getting some love
Its the CommSec Luxury Vehicle index. CommSec is the securities brokerage arm of CBA (unless they've been sold for a bag of magic beans recently that I'm not aware of)
The Luxury Vehicle index is, errr … an index of luxury vehicle sales.
CommSec use it as an indicator of the 'top-end' of consumer markets, on the basis that change here tends to lead activity more broadly. Of, so what's it showing?
- CommSec index of luxury marques peaked in the 2016 calendar year
- Rolling annual sales fell to 4-year lows in June 2019
- But for the first time in two years, rolling annual luxury vehicle sales rose in July
The argument is that sales here generally coincide with a lift in home sales … and vice versa. Says CommSec on the latest:
- it is notable that - despite annual sales of new vehicles continuing to fall - luxury vehicle sales lifted in July for the first time in two years.
- And in the same month, home prices edged slightly higher.
- It is early days, but it will be useful to monitor the situation closely over the next few months to gauge whether economic activity more broadly is starting to lift.
I said 'blip' in the headline. I could be wrong. Hope so.