High Frequency Consumer Data

研报英文原文证据摘录

High Frequency Consumer Data

Macquarie Equity Research

10 July 2026

Consumer Staples

AustraliaHigh Frequency Consumer Data

Mixed text messages

Caleb Ajay

Key Points Wheatley Mariswamy

• Electronics and Pharmacy momentum has continued over 2Q CY26.

• Furniture and Alcohol key laggards. We see little upside given housing James Greg

factors and pricing pressure, respectively, with further slowing likely. Wilson Dring

• Key picks: SIG (Health & Beauty); JBH (EOFY momentum; Cost control).

Data points negatively for EDV (lower sales/competition). Figure 1 - Pharma remains in double-

digit growth, Electronics improving

Spend per card vs. pcp (%)

20%• Our High Frequency Consumer Data series is proprietary and provides

a sample of consumer spending habits on a weekly basis. The sample is 15%10%

weighted towards Sydney and Melbourne and may not be representative 5%

of overall spending in Australia. The data has not been adjusted for -%

consumers switching preferences between cash and card payments and, (10%)(5%)

being real-time in nature, may not fully reflect cancelled transactions,

refunds, reversals, etc. Please note that as of Jul-23, the underlying Pharm. Electronics Online On-Prem Groceries DS/DDS Hardware Furn. Off-Prem

dataset has been expanded. Alc. Alc.

• The good. Electronics (JBH/HVN) saw continued momentum from 1Q26 2Q26

the prior month, indicating a strong EOFY period, signalling category Source: Macquarie Research, July 2026

resilience despite macro headwinds. With the receipt of June numbers,

Figure 2 - Consumer Electronics we lift conviction in stronger momentum. Pharmacy (SIG) growth was taking share again

steady, delivering double-digit growth which we see as being supported

by Health & Beauty trends (incl. GLP-1s, supplements, cosmetics etc.).