Chart of the Day: Household spending to jump 44.7% in 2021

It will grow at an average rate of 8.3%.

This chart from BMI Research shows how household spending will grow in the next five years.

According to BMI Research, total household spending will jump from this year's $156.97b (US$113.4b) to $227.2b (US$164.1), growing at an average annual rate of 8.3% between 2017 and 2021.

It said a tightening labour market will continue to benefit consumer spending over the medium term.

In terms of which will dominate household spending, the research firm said non-essential spends will account for 56.6% of the overall value.

"With that said, we expect essential spending to experience robust growth over our forecast period, growing at an average annual rate of 6.9% between 2017 and 2021 compared to 5.6% for non-essential spending over the same period. This acceleration in essential spending will largely be driven by growth in housing and utilities spending, which is poised to outperform over our forecast period," BMI Research said.