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Bored, panicked Aussies spend up big

  • March 30 2020
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Invest

Bored, panicked Aussies spend up big

By Cameron Micallef
March 30 2020

Panicked Aussies are pumping more than $13.5 billion into the Australian economy, as shoppers spend on average an additional $848 a month, new research has found.

grocery shopping

Bored, panicked Aussies spend up big

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  • March 30 2020
  • Share

Panicked Aussies are pumping more than $13.5 billion into the Australian economy, as shoppers spend on average an additional $848 a month, new research has found.

grocery shopping

Out of 3,972 Australians who have connected bank accounts to the Finder app, anonymised insights show that Australians are spending 68 per cent more on groceries this month compared with before the coronavirus outbreak, in October 2019. 

For the month to date, Australians have already spent $766 each on groceries alone, as Woolworths announced hiring 20,000 new staff to cater to the demand, as well as Coles announcing 5,000 new jobs

Woolworths CEO Brad Banducci said 7,000 new employees have already been hired through partnerships with other major employers in similar sectors, which have recently been forced to lay off workers.

Woolworths has already hired 1,500 former Qantas staff and redeployed 3,500 former workers at ALH, Woolworths pubs and pokies arm in its supermarkets.

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But there are still plenty of jobs available for the public.

“We’re really trying to find like-minded businesses and give them the opportunity to team members that were stood down there, but we’re also recruiting generally,” Mr Banducci told the media.

Electronics has also seen a rise, with Finder app users spending an extra 61 per cent than usual, followed by general shopping (29 per cent more) and clothing/shoes (14 per cent more).

Retail spend outside food and groceries is expected to fall significantly as more retailers close their doors; 9,000 will be stood down from retail jobs as retailers such as Just Jeans, Lovisa and Dotti shut down.

Expense

Average spend

in March to date

  Difference in March 2020

  v October 2019

% difference

Clothing/Shoes

    $231.83

    $28.46

  14%

Electronics

    $88.62

    $33.42

  61%

General Merchandise

    $202.90

    $45.87

  29%

Groceries

    $765.61

    $309.83

  68%

Healthcare/Medical

    $180.25

    $42.50

  31%

Insurance

    $259.12

    $67.23

  35%

Petrol/Fuel

    $187.57

    $48.43

  35%

Securities Trades

    $382.83

    $260.77

  214%

Travel

    $442.30

    $11.87

  3%

Total

    $2,741.03

    $848.37

 

 

Bored, panicked Aussies spend up big
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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