Victoria gets back to business as spending surges in post-lockdown

Mike Vacy-Lyle, Commonwealth Bank Australia's Group Executive for Business Banking

Personal services businesses, such as hairdressers and beauty salons, in Victoria, have welcomed a 481% increase in sales in their first-weekend post-lockdown compared with the previous weekend, according to Commonwealth Bank Australia merchant terminal data.

Victorian hairdressers and barbershops saw the most significant spike (700% increase) alongside remedial massage businesses (556% increase) and beauty spas (526% increase).

In a vital sign that Melbourne is getting ready to celebrate an easing in the lockdown restrictions, another personal services category enjoying a boom in demand was formal wear rentals, which recorded a 628% increase compared with the previous weekend.

CBA’s commentary on SME business boom

 Mike Vacy-Lyle CBA Group Executive in charge of Business Banking offered more insight.

“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.”

“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.”

Victorian hotels and motels have also started to enjoy the benefits of eased restrictions, with a 26% increase in turnover this past weekend, driven by bookings in regional areas.

New South Wales (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).    

“We’ve heard from our loyal small and medium business customers that they are feeling extremely optimistic and they are very excited to get back to what they love doing best.”

“We also know how important it is to adjust for many small and medium business owners. We want our customers to thrive, and thus we’re here to support your business needs.”

“We have a support staff available 24 hours a day and 7 days a week and a wide variety of resources to help you with everything from preparing a business plan, to navigating through re-opening, to managing cash flow and maximizing social media opportunities.”