Victorians put their money behind local business over long weekend

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Victorians have bounced out of easing COVID restrictions, with spending across NAB merchants over the long weekend up almost 20 per cent against the same period last year.

Overall, Victorian merchants saw a 32 per cent increase in sales compared to the weekend prior with restaurants and retail the big winners, up 130 per cent and 53 per cent respectively. Restaurants were also up 49 per cent, and retail was up 19 per cent against compared to Queen’s Birthday last year.

NAB’s Executive for Business Metro, Michael Saadie, said it was great to see Victorians supporting their local businesses again.

“Spending was up in both metro and regional areas and illustrates the continued momentum that’s been building in the economy, supported by government stimulus and business investment,” Mr Saadie said.

“Australians normally spend close to $68 billion a year on overseas travel, so with international borders closed we’re seeing a lot of this money being injected into local economies.

“There’s a lot of cash in the market and people are getting out and putting it behind local businesses.”

Spend in metro areas was up 56 per cent compared to the week prior, equating to a 23 per cent increase compared to Queen’s Birthday weekend last year.

“While the circuit breaker lockdown will have impacted businesses across Victoria, this data shows that Victorians are getting out, supporting local businesses where they can,” Mr Saadie said.

“We know there will continue to be challenges for some customers and our bankers are ready to help those who need it.”

 

Notes to the Editor:

 

Economic data:

Strongest performers during Queen’s Birthday weekend in Victoria were:

Vs. last weekend in lockdown Vs. Queen’s Birthday weekend 2020
Restaurants Up 130% Up 49%
Retail Up 53% Up 19%
Bakeries Up 15% Up12%

 

Strongest performers during Queen’s Birthday weekend in metro were:

Vs. last weekend in lockdown Vs. Queen’s Birthday weekend 2020
Restaurants Up 208% Up 58%
Pet shops Up 41% Up 33%
Bakeries Up 21% Up 27%
Car rentals Up 14% Up 27%
Clothing stores Up 261% Up 26%
Retail Up 101% Up 26%
Car washes Up 196% Up 9%

 

Time frames used:

  • Queen’s Birthday 2021 with the date range 11-Jun-21 to 14-Jun-21
  • Queen’s Birthday 2020 with the date range 05-Jun-20 to 08-Jun-20
  • Last weekend in lockdown 4.0 with the date range 04-Jun-21 to 07-Jun-21

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