As retailers across Victoria ready to reopen again, they can look to new data from Commonwealth Bank Australia (CBA) for a glimpse at how consumers are responding to the reopening.
In positive news for fashion retailers, the CBA merchant terminal data showed that formal wear rentals recorded a 628% increase in sales over the first lockdown-free weekend (Oct 23-24) compared to the previous weekend (Oct 16-17).
Unsurprisingly, with many Victorians overdue for a haircut, hairdressers and barber shops saw the biggest spike (700% increase) on the weekend, alongside remedial massage businesses (556%) and health and beauty spas (526%).
CBA group executive, business banking Mike Vacy-Lyle said businesses are thrilled to be back trading.
"It’s brilliant to see Victoria re-open and businesses and their customers enjoy some well-deserved spending, both small and big, to help build up to the Christmas and holiday period.
"We’ve heard from our small business customers that they are feeling optimistic and excited to get back to what they love doing best," he said.
Additionally, with intrastate travel set to be allowed in Victoria from this coming weekend, regional accommodation businesses are seeing increased bookings.
According to the CBA terminal data, Victorian hotels and motels have seen a 26% increase in turnover this past weekend compared with the previous weekend, driven by bookings in regional areas.
NSW has seen a similar trend, with turnover in hotels and motels in regional areas up 23% week on week (11-17 October with 18-24 October 2021).
"With the NSW economy in its third week of opening and Victoria entering its first week, businesses in the holiday and recreational industry are seeing increased bookings," Vacy-Lyle said.