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Aussie consumers are supporting local businesses, embracing digital technology and spending more time on discretionary items such as gaming, new research has revealed.

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A deep dive into Australia’s purchasing patterns from leading buy now, pay later (BNPL) service provider Zip has revealed a glimpse of the social, economic and cultural shifts we can expect in a post-COVID Australia.

Peter Gray, co-founder and COO of Zip, said: “Zip’s retail spend data is showing us how consumer spending can be a powerful barometer of broader economic and societal change ahead of us.”

The BNPL COO explained there are extraordinary economic and social factors that are causing consumer behaviour to be incredibly dynamic – “We haven’t seen these sorts of swings in spending before, ever.”

While consumer spending is changing, Mr Gray highlighted the medium and long-term impacts for businesses. 

“From what we are seeing, we would predict this is a sign of things to come, people returning to shopping small and local and moving away from the cash society we have been so accustomed to.” 

“The insights from Zip’s report can help retailers and small-business owners understand what the world after COVID looks like, and how they can better position themselves to thrive,” Mr Gray said.

Winners from the COVID-19 pandemic

The $200 billion global gaming sector has been revealed as the biggest winner from the COVID-19 fallout as organisations surged due to people being stuck at home.

According to results collated by Zip, consumers spent 115 per cent more on gaming in April, following a 285 per cent spike the week lockdown began.

The data also revealed that online marketplaces saw a 93 per cent spike in sales as consumers who were unable to visit shops swapped their spending online.

Bike shops and hobby stores were also big winners, with Aussies spending 76 and 53 per cent more, respectively, on each item.

Losers from the pandemic

Not surprisingly, forcing Australians to stay at home for non-essential reasons has had a big impact on money spent on parking as well as fuel costs.

Zip’s research revealed a 66 per cent reduction in parking costs, while spending on petrol stations fell by 47 per cent.

Australians are becoming more health conscious, with ATM withdrawals falling by 53 per cent due to consumers wanting to avoid touching money.

Finally, the report noted that cafes and small businesses were adversely affected by COVID-19.

“Last month, Australia’s coffee shops suffered a serious caffeine hit. Allowed only to operate through takeaway and home delivery, spending at cafes in April 2020 was half what it was in April 2019, although still higher than other affected categories.” 

“Like cafes, many hairdressers remained open in April but were forced to adapt with strict social distancing restrictions in place. The financial impact on hairdressers was also similar to that of cafes, with spending down 52 per cent,” Mr Gray said.

Other interesting trends in general spending: 

• Lingerie retailers fell by 39 per cent
• Fruit and vegetables increased by 39 per cent
• Hardware stores increased by 44 per cent
• Home pools and spas increased by 28 per cent
• Nurseries and gardening retailers increased by 58 per cent
• Outdoor home improvement increased by 50 per cent
• Security and safety system installation increased by 269 per cent

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Aussie consumers are supporting local businesses, embracing digital technology and spending more time on discretionary items such as gaming, new research has revealed.

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Despite COVID-19 putting a financial strain on households who are spending more time at home, they are not actively seeking to reduce power bills, new research has revealed.

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Financial comparison site Compare the Market has found that majority of households are expecting higher energy bills but refuse to either reduce usage or search for a better deal.

The survey revealed that four in five Aussies (84 per cent) believe their energy bill will be higher than usual as a result of home-based work and schooling during the pandemic.

During this time, 59 per cent of respondents have been working from home, at least some days of the week, and 53 per cent of parents say their kids have been learning from home. 

Based on an energy bill of a family of four in central Brisbane who paid $443.72 last quarter on a flat-rate peak tariff, if they spent 40 per cent more time at home during the shutdowns, their bill would increase to $578.96 this quarter – an increase of 30 per cent

Abigail Koch, household savings expert at Compare the Market, noted: “The pandemic came as a surprise to many of us and had an immediate knock-on effect on our jobs and schools. 

“It has sadly resulted in many households facing financial difficulties and doing everything they can just to get through the hard times.”

“Under these circumstances, it’s understandable that the necessary increase in energy usage is a cost most households have probably decided to ‘wear’. The unfortunate reality is that energy usage by workplaces has been transferred to households, potentially adding around eight additional hours of energy usage to their bill each day.”

Despite expecting additional costs, the research revealed that Australians are not actively trying to reduce power.

The findings also reveal two-thirds of households (68 per cent) have not cut back on their use of TVs or entertainment units. 

The survey also found that 74 per cent of respondents have not cut back their use of hot water, 71 per cent have not used their dishwasher less often, and 63 per cent are still using their dryer as much as before the pandemic started. 

Nearly two-thirds (63 per cent) of respondents have not reduced their use of heaters and 48 per cent have not reduced their use of air conditioners.

5 tips to help Aussies save money on their energy bill while working from home, according to Compare the Market:

 1. Use a laptop instead of a desktop

Desktop computers consume more energy than laptops as they need to be permanently plugged in, while laptops use their own battery and connect to power in around three-hour blocks. Additionally, the larger your screen on a desktop computer or external monitor, the more it will cost to run, so choosing the smallest possible screen will help cut down on energy.  

2. Consider installing a smart meter

A smart meter is a device installed in the same location as a traditional meter that records how much power you are using every 30 minutes and sends this information to your energy provider.

3. Review your electricity tariff and consider whether it’s still the best option

Tariffs refer to the way your household is charged for its electricity usage, with energy rates charged differently based on the time of day power is used. There are different types of tariffs to choose from, if you have a smart meter, but these may differ across states and providers.  

4. Consider recharging electronics at night

Depending on which tariff your household electricity operates on, it may cost less to recharge devices late at night or early in the morning during the off-peak period. When using devices that require charging, such as a laptop, consider unplugging it during the peak period if it is idle and doesn’t need permanent access to power.

5. Log your work hours and claim it back on tax

The ATO has announced that from 1 March to at least 30 June, Aussies working full-time at home can claim expenses at a rate of 80 cents per work hour for additional running costs. To be eligible, you must record all your work hours, which can be tracked on a spreadsheet or digital calendar ready for tax time, so ensure you’re keeping a detailed record.

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A quarter of Australians are using “buy now, pay later” services such as Afterpay and Zip to make secret purchases behind their partner’s back, new research has revealed.

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According to comparison site Mozo, Aussies are being tempted into these purchases due to easy digestible payments, but they “aren’t proud of their spending habits” and instead hide it from their partner.

Not only are we hiding purchases, Aussies are also purchasing items they usually wouldn’t, with 60 per cent saying they are influenced to purchase items as they can pay it off later. 

This overspending and pressures brought on by COVID-19 sees younger Australians more likely to shut down their account, with 38 per cent of respondents aged between 25-34 saying they have done so in the last three months. 

“Buy now, pay later has enjoyed a meteoric rise in Australia, with user numbers growing from 400,000 in 2016 to 2 million in 2018, but COVID-19 has proven to be a curveball that no one could foresee. The future of buy now, pay later is looking a little more shaky – one in four users cancelling in the past three months is a sizable exodus,” said Mozo director Kirsty Lamont. 

Hannah May from Western Australia is an example of one of many young Aussies who have made the call to shut down her buy now, pay later account due to the financial uncertainty COVID-19 presented. 

She had her account for two years but found she was spending beyond her means. “I definitely used buy now, pay later for spur of the moment purchases on clothing and skincare, but towards the end, my spending escalated to $500 a fortnight. 

“I became sick of living paycheck to paycheck. And now that I’ve closed off my account, I’m not tempted to spend beyond my means,” she said.

Despite encouraging greater spending, buy now, pay later (BNPL) services are helping Australians through a difficult COVID-19 period, the research also found.

Half of users are putting essential items like food, warm clothing and appliances on their accounts, using the platform for necessary purchases. 

Under COVID-19 lockdown, clothing remained the most popular category of spending (30 per cent), but this was followed by essential items like groceries (12 per cent) and food and beverages (12 per cent). 

Non-essential spending on items like electronics, homewares and self-care experienced a decrease in purchasing frequency.

Half of Aussie BNPL users admitted they were buying essentials on the platform to “get by”.

“Many buy now, pay later users are financially stressed and struggling to meet their payment obligations. If you do find yourself uncertain about how you’re going to make repayments, be proactive about your situation and reach out to your provider.” 

“Don’t wait for the late fees to hit. Providers like Afterpay will make an assessment based on your financial situation, whether that’s the need for a time extension or changing the repayment amount,” Ms Lamont said.

Nearly 70 per cent of users admitted they are feeling “financially stressed” about purchases they have made, with one in four BNPL users opting to cancel their account in the last three months. 

For many, getting rid of BNPL is not an option, with scheduled payments still set to come out of their account. 

“Buy now, pay later can be a good way to manage your cash flow, but before you make a purchase, weigh it up and ensure it suits your financial situation,” she concluded.

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A quarter of Australians are using “buy now, pay later” services such as Afterpay and Zip to make secret purchases behind their partner’s back, new research has revealed.

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The purchasing intentions of Australians have given insight into how they plan to spend their time in lockdown, with supermarket items, alcohol, gym equipment and education high on their priority list.

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According to Commonwealth Bank’s monthly household spending intention (HSI), three categories are showing strong signs of increases, being retail spending intention, education, and health and fitness spending intention.

CBA chief economist Stephen Halmarick said the economic shutdown clearly impacted all HSI indicators, with most spending categories experiencing falls.

“In contrast, retail, online learning, and health and fitness spending intentions saw sharp rises as people prepared themselves for an extended shutdown of many parts of the economy,” Mr Halmarick added.

The surge in spending in March for retail was likely related to consumer’s response to the developing COVID-19 shutdown and a jump in spending on supermarket items, alcohol and household equipment and furnishings.

The increase in the health and fitness HSI may be related to spending intentions on medical needs and the desire to create “home gyms” and/or undertake “virtual” personal training activities in the COVID-19 shutdown period, the report also found.

Mr Halmarick said the latest HSI series also highlights how some Aussies are remaining focused on learning new skills online.

“After a large fall in February 2020, education spending intentions increased in March – as online and virtual schooling and higher education began to dominate,” Mr Halmarick said.

Mr Halmarick also pointed out that while lockdown was good for certain industries, it could potentially see losses in the housing sector, which is now predicted to fall by 10 per cent over the next six months.

“Looking at our home buying intentions series in March 2020, people were feeling confident with spending intentions sitting close to all-time record highs. Since then, we have seen turnover in the housing market decline significantly after public open houses and auctions were banned, with rising job insecurity also being a factor,” Mr Halmarick concluded.

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The purchasing intentions of Australians have given insight into how they plan to spend their time in lockdown, with supermarket items, alcohol, gym equipment and education high on their priority list.

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Consumer confidence has taken a battering in April, with a major bank sentiment survey revealing the sharpest drop in its 47-year history.

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Westpac-Melbourne Institute’s consumer confidence survey revealed an 18 per cent drop in confidence, which now sits at 75.6 – with a score of 100 or more suggesting consumers are positive about the future. 

Consumers are now almost as gloomy as they were during the recession in the early 1990s, where confidence collapsed to 65 points.

Westpac chief economist Bill Evans explained that the drop in confidence was severe – it could’ve been much worse.

“Despite the bleak and threatening backdrop, Australia’s pandemic experience to date has been much less debilitating than that of the hardest hit areas abroad.” 

“The number of cases is high but has not overwhelmed Australia’s health system, with recent evidence showing a clear slowing in new cases that indicates policy measures are working to contain the spread.” 

“These developments give some support to our view that the Australian economy will lift in the December quarter following three consecutive quarters of economic contraction,” Mr Evans explained.

However, the ANZ-Roy Morgan consumer confidence survey, which is done weekly instead of monthly actually shows signs of improvement following massive falls in late March.

According to their results, confidence strengthened for the second week, with a close to 9 per cent gain to 78.2 coming off a week where confidence grew by 10 per cent.

ANZ head of Australian economics David Plank believes the government stimulus packages and the flatlining of the curve in recent weeks are seeing consumer confidence grow.

“Confidence is now up close to 20 per cent from the historic low reached over the last weekend in March. Despite this, it is still some way below the levels seen during the GFC.” 

“The challenge for sentiment over the next few months is likely to be a deluge of poor economic data. We’ve already seen a taste of it this week, with the plunge in business confidence and conditions.”

“March employment data, due out later this week, may deliver more bad news, though the fact the survey week for the report was in early March means it is likely to be some way short of the disastrous labour market data we unfortunately expect to see in coming months," Mr Plank concluded.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-04-17 02:28:58" ["slug"]=> string(61) "14989:westpac-consumer-confidence-survey-drops-to-47-year-low" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(12) "285:spending" ["event"]=> object(stdClass)#4215 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(390) "

Consumer confidence has taken a battering in April, with a major bank sentiment survey revealing the sharpest drop in its 47-year history.

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As Australians become more aware of social distancing and preventing germs from spreading, digital wallet transactions have soared, according to a big four bank’s research.

Write comment (0 Comments) " ["fulltext"]=> string(1833) "

The latest figures from the Commonwealth Bank showed that digital transactions topped the $1 billion mark in March 2020, setting a new record.

The number of digital wallet transactions also increased at a faster rate (up 8 per cent from February) than the average monthly compound growth rate over the past six months (4.4 per cent). 

This led to an overall 36 million digital wallet transactions made in March, up from 33 million in February and higher than the previous monthly record of 34 million in December 2019.

Kate Crous, executive general manager of everyday banking, CBA, said: “The growth in the number of contactless purchases has been increasing since the introduction of Apple Pay last year; however, it’s now evident that even more people regard it as a safe and secure way to pay in this environment.”

The data also found that 77 per cent of overall transaction spend in March was on a debit card. However, credit card spend grew at 21 per cent month-on-month compared with February, while debit card spend grew 16 per cent month-on-month.

“In the current environment, paying without cash is an important way to protect yourself and others against the spread of coronavirus. The increased contactless card limit is a fantastic step; however, where possible we’re encouraging our customers to use digital wallets as they have the added safety of not needing to enter a PIN on the PIN pad no matter how much they spend, as it instead leverages Touch ID or Face ID,” said Ms Crous.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-04-09 02:28:20" ["slug"]=> string(64) "14959:aussies-embrace-digital-wallet-following-covid-19-outbreak" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(12) "285:spending" ["event"]=> object(stdClass)#4223 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(429) "

As Australians become more aware of social distancing and preventing germs from spreading, digital wallet transactions have soared, according to a big four bank’s research.

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