Invest
Online shoppers share in post-lockdown bounty
Brick and mortar retailers aren’t the only ones benefiting from a post-lockdown increase in consumer spending.
Online shoppers share in post-lockdown bounty
Brick and mortar retailers aren’t the only ones benefiting from a post-lockdown increase in consumer spending.
Online retailers didn’t fare quite as badly through Australia’s many lockdowns as physical stores did, but that hasn’t stopped them from benefiting from the economic rebound.
ShopBack Australia general manager Angus Muffet said that the share of retail spending that occurred online grew from 11.3 per cent in 2020 to 16.3 per cent in 2021.
The best performer here was online travel bookings, which were up 55 per cent on pre-COVID-19 levels.
Mr Muffet noted that total online travel sales were 329 per cent higher in October 2021 than they were in October 2020, with the average online travel transaction rising from $490 in October 2020 to $1,040 in October 2021.
“With restrictions lifting and double-vaccination rates above 80 per cent, travel is now making a sharp return. ShopBack Australia’s transaction data shows a strong rise in online travel bookings in the tail end of 2021 as consumers once again have confidence to plan holidays and trips to see friends and family,” he said.
Citing data collected by cashback platform ShopBack, Mr Muffet suggested that some categories may be benefiting from the loosening of restrictions to a greater extent than others.
“For online fashion and beauty orders, total sales in both categories were 41 per cent higher in October 2021 than in October 2020,” he said.
ShopBack findings align with similar data shared by other players in the financial sector, including the Commonwealth Bank of Australia (CBA).
Earlier this month, CBA spending data revealed that national spending is on track to recover from recent lockdowns.
NSW led the way here, with weekly spending in the state said to be 23.3 per cent higher than its 2019 counterpart.
CBA found that, excluding Victoria, national weekly spending levels now sit 20 per cent than they did prior to the pandemic.
“We are seeing the economic engine rev higher again as people get out and about, catching up on lost time with friends and family,” Commonwealth Bank chief economist Stephen Halmarick said.
Mr Halmarick noted that the expected boost to in-person spending over the last few weeks had not been matched by a decrease in online spending.
“This is a pleasing indicator of underlying economic strength as consumers who have delayed their purchases during lockdown are now rushing back to the market.”
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