No surprise, Aussies are generally spending less. We can’t go on holiday, out to dinner or even go to the beach. But just how much less are we spending?
When this whole Coronavirus thing started, Aussies began spending more. People flocked to the shops and stocked up on the essentials.. and the not so essentials. We also started purchasing a lot of booze! Some of the major retailers had to put limits on beer, wine and spirits.
Now as we settle into life at home, our spending appears to have settled down. But… Did you know, your credit and debit card spend is frequently analysed so spending data can be produced?
We have had a look at this data and found some interesting stuff compared to the same time last year.
Spending, in general, is down 30%. However, grocery store spending is up 24%. Yep, we are all flocking to the shops!
Liquor store spending is up 28% while Pubs Hotels & clubs are down 71%. (We assume this isn’t zero as many pubs have a drive-through bottle shop).
Household furniture and equipment (tools etc) is up 20%. It’s a good time to be doing some work around the house! Clothing is down 60% and personal care is down 56%.
Think back on your recent spending. How does it compare to the trends?
We have found some more interesting spending habits that have come out of this whole situation. Online shopping has skyrocketed and eBay is seeing some interesting trends. The panic buying started with healthcare items such as face masks and hand sanitizer. It moved onto groceries and toilet paper. And as the lockdown was invoked, demand moved to sporting goods, tech and games.
People are also looking for furry friends to keep them company. Pet adoption is also on the rise! And now might be the right time to bond with a new companion. Hopefully, people are thinking long term!
We would like to know how coronavirus as effected your household spending. Please share your story by replying to this email or contacting us.