Head of Consumer and Diversified Industries in CBA’s Business Banking division, Jerry Macey, said the upcoming festive period combined with a re-opening of the Queensland border had contributed to the growth in spending recorded across the state.
“Australians from different parts of the country have taken advantage of the reopened Queensland border to head into the sunshine state and enjoy some well-deserved down time over the festive period as well as long-overdue catch ups with family and friends,” he said.
In addition to catching up with family and friends, from the data it would seem many Aussies in Queensland are also taking the time to do a little retail therapy, with spending at clothing stores, department stores and home supply warehouse retailers up 16 per cent, 30 per cent and 12 per cent respectively.
“This level of increased spending is largely unsurprising when you consider the festive period is now right around the corner and many Australians are likely squeezing in some last minute gift shopping for either themselves, or their friends and family.”
Looking ahead, the lead up to Christmas isn’t expected to be the only busy period in terms of spending. New research from the Commonwealth Bank (released yesterday) found 69 per cent of Aussies are planning to take advantage of the Boxing Day sales to secure a bargain or two.
Further, it would seem Aussies have given thought to how much money they may look to spend at the sales, with 40 per cent indicating they will look to spend an average of $557 – up 14 per cent (from $487) this time last year.
Note to editors
Data based on CBA merchants data (terminals and eCommerce) from 13 - 19 December 2021 (inclusive) compared with 6 - 12 December 2021 (inclusive).