City spending is up
City spending is up across the country. Image – Canva.
  • CBD spending is up 22% nationwide, according to CBA data
  • Gen X and older millennials contributed most to spending growth
  • Perth led the come back with +33.7% growth over the past 6 months

Spending across CBDs in capital cities increased by an average of 22.4% nationwide over the last six months as workers gradually returned to the workplace following an easing in Covid restrictions, according to data released by the Commonwealth Bank (CBA) today.

Spending data was based on card transactions via CommBank merchant facilities in the cities’ CBDs.

Gen X and older millennials (35 – 49 year olds) led the spending recovery, with the exception of Sydney and Canberra where spending growth was driven mostly by younger millennials (25 – 34 year olds).

Six capital cities plus the Gold Coast saw their CBD spending rise more than 20% over the last six months.

Fastest CBD recoveries, past 6 months

  1. Perth +33.7%
  2. Canberra +33.3%
  3. Adelaide +30.1%
  4. Gold Coast +27.4%
  5. Hobart +22.8%
  6. Sydney +21.5%
  7. Brisbane 20.5%
  8. Darwin 5.25%
  9. Melbourne 2.36%

“We’re encouraged to see spending in our CBDs on the up and we hope to see this trend continue as more people start coming back into city centres more regularly,” Claire Roberts, Executive General Manager of Small Business at the Commonwealth Bank said.

“Small businesses in CBD areas have had it really tough over the past year but we’re seeing encouraging signs of recovery,” Ms Roberts said.

“We also know that many suburban businesses have experienced a boost over the past year thanks to people working from home and changes in consumer spending behaviour, and we want to help these businesses retain and grow their customer base,” she said.

To assist small business customers on their continued road to recovery, CBA is launching a tailored business insights program. As part of the program, CBA business customers will also receive tips for increasing sales and driving repeat business.

You May Also Like

Cost of living dampens commercial retail property outlook

Many retail property investments likely to continue softening during 2023 according to Herron Todd White

EG’s Private Wealth division purchases tavern and liquor store for $19.29M

Tenanted by the Coles Group on a 20-yr lease

Aventus and HomeCo Daily Needs REIT to merge

Combined portfolio worth over $4 billion

August retail sales slide 1.7%

Clothing, footwear and personal accessory the hardest hit

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.