- 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
- Perth +33.7%
- Canberra +33.3%
- Adelaide +30.1%
- Gold Coast +27.4%
- Hobart +22.8%
- Sydney +21.5%
- Brisbane 20.5%
- Darwin 5.25%
- 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.
