In Sydney and Melbourne, sales in CBD retail outlets increased by 9 per cent and 5 per cent respectively, compared to the prior week.
Even the wild weather didn’t dampen the influx of customers with both major cities recording a 30 per cent jump in retail sales in their CBD precincts according to the latest Commonwealth Bank spending data.
This activity is in line with the CommBank Household Spending Intentions Index for February that also shows Australians are back on the move following the end of COVID restrictions. Transport spending intentions surged 11 per cent in the month, driven by higher fuel prices and increased spending on taxis, parking lots, car washes, freight and trucking services.
CBA group executive, business banking, Mike Vacy-Lyle said he was encouraged by the positive signs workers and shoppers were supporting their CBD-based businesses, but was cautious this business activity would be impacted by current weather conditions.
“It is encouraging to see spending in Australia’s largest capital cities on the up and we hope to see this trend continue as more people start coming back into city centres over the coming weeks and months,” Mr Vacy-Lyle said.
However, it is a different story in Brisbane’s CBD with many businesses still closed and focussed on recovery and clean-up so they can repair and reopen.
“More broadly, we know areas across Queensland and NSW will continue to navigate the devastating impacts of major flooding for the foreseeable future, and for those customers we are here to help,” Mr Vacy-Lyle said.
In Sydney, florists were doing the most trade in the CBDs with sales up 55 per cent, as were stationary and office supplies, due in large part to people returning to their offices.
Cosmetic stores had an increase in sales of 38 per cent, while clothing alteration services also saw a jump of 29 per cent. Despite more people in the CBD, bars and pubs only saw a 15 per cent rise.
In Melbourne consumers were spending money in jewellery and watch stores (up 65 per cent), while electronic sales experienced a 30 per cent increase and fast-food restaurants jumped 11 per cent.
