Australian Retail & Consumer Sector: 2Q26 Consumer Survey - Youth: Spending intentions at new high, above average consumer

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Australian Retail & Consumer Sector: 2Q26 Consumer Survey - Youth: Spending intentions at new high, above average consumer

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Australian Retail & Consumer Sector Equities

Australia2Q26 Consumer Survey - Youth: Spending

intentions at new high, above average consumer Retail

Shaun Cousins

Analyst

shaun.cousins@ubs.com

2Q26 Consumer Survey: Read-across for the youth consumer +61-2-9324 3844

UBS Evidence Lab surveyed ~1,000 Australian adults between 11 May and 22 May, for Tim Plumbe

the 28th wave of its quarterly consumer survey (> Access Dataset; see here for consumer Analyst

& equity strategy notes). We cut this data for 18-24 y/o and 25-34 y/o respondents to tim.plumbe@ubs.com

evaluate the spending intentions of Australia's ~7.5m youth consumers, who represent +61-2-9324 3726

~28% of the Australian population. Across our coverage, we see UNI, HLG, LOV, GYG, Bianca Murphy

AX1, PMV, CKF, DMP, JBH, KMD, SUL & SIG as most exposed to the youth consumer. Analyst

bianca.murphy@ubs.com

UBS Evidence Lab data suggests youth consumer spending > average consumer +64-9-913 4864

(1) Youth consumers surveyed remain more optimistic on their financial outlook over the James Meares

next 12mths compared to all consumers, driven by income growth/stability & job Analyst

security; (2) Youth cost of living pressures have been mixed q/q (fuel & interest rates james.meares@ubs.com

higher; food, utilities & rent lower), and are still mixed vs the average consumer (less +61-29-324 3575

impacted in fuel, food & utilities, more impacted by interest rates & rent vs average Zack Pontey

consumer); (3) Selected youth consumers have support from 'bank of mum & dad' Associate Analyst