Spending surge felt across several industries as NSW reopens – CBA

by Micah Guiao16 Oct 2021

The long-awaited reopening of NSW businesses has consumers on a spending spree.

Shortly after NSW reopened its doors to the public, various industries have recorded a spike in sales, with the personal services industry leading with a 412% increase compared to last week, according to merchant data from the Commonwealth Bank of Australia (CBA).

In the four days since restrictions eased, remedial messages went up 735%, hairdressers and barbers up 694% and health and beauty spas at 676%.

Behind personal services is the fashion retail industry, with clothing stores up 336% compared to the same time last week.

Jewellery stores, home furnishing stores and game shops are also keeping up, with reported increases of 419%, 245% and 235%, respectively. Even potential travel has entered the picture for some Australians, with luggage stores up 830%.

Miranda, Junction and Liverpool were among the key shopping districts that recorded the most consumer turnout.

This economic success has encouraged more business owners to take advantage of this consumption boom. Mike Vacy-Lyle, Group Executive for Business Banking at CBA, said the bank had approved 30% more business loan applications in September alone compared to the same month last year.

Although still down from pre-pandemic levels, leased office space has also increased to an extra 195,000 square metres in Q3 2021.

“As we head into the weekend, we expect spending to surge and many NSW businesses will certainly be busy,” Vacy-Lyle said. “While it’s an exciting time, we understand businesses continue to face unique challenges, even as restrictions ease.”