Victoria’s restaurants, bars and pubs were the big winners on Melbourne Cup day, with new merchant terminal data from the Commonwealth Bank revealing strong growth in spending.
According to the data, spending at bars and pubs soared 225% yesterday in comparison to the same day last week. Meanwhile, restaurants enjoyed a 74% spike in spending in comparison to Tuesday last week. Interestingly for restaurants, the recorded spending also represented a 196% uplift when compared with a typical Tuesday during the most recent lockdown period.
Commonwealth Bank’s Victorian general manager for small business sales service, Sara Sutton, said it was pleasing to see Victorians back out in force in the community and spending money at many small businesses across the state, including bars, pubs, restaurants and clothing retailers – to name but a few.
“It is clear the state has well and truly emerged from lockdown. Victorians are happy to get back out in the community, celebrate their freedom and enjoy some well-deserved spending at both big and small businesses across the state,” she said.
But hospitality venues were not the only businesses benefiting from increased spending this week. According to the data, Victorians hit the shops on Monday in order to get ready for Melbourne Cup – with spending surging significantly at jewellers, clothing retailers and women’s accessory stores.
Spending at jewellery stores across the state soared 680% on Monday in comparison to the Monday prior, while clothing retailers and women’s accessory stores enjoyed a 627% and 438% spike in spending, respectively when compared to Monday last week.
“Our small business customers are telling us that they are feeling optimistic and really excited to be back doing what they love,” Ms Sutton said.
“But while it is clear Victorians are back out and spending in the community, we understand the next period will continue to be a significant adjustment for many business owners. At Commonwealth Bank, we are on hand to support our small business customers and can offer a range of resources to help them with their various needs.”