Socks, jocks, and Xbox for West Aussies this Christmas

14 December 2023

Bankwest’s Spend Trends analysis of Black Friday transactions has revealed the likely gifts Western Australians can expect this Christmas, with Clothing Stores, Sporting/Toy Stores, and Electric Appliance retailers running hot.

Bankwest’s Spend Trends report tracks WA customer credit and debit activity to identify insights in response to economic conditions, with the penultimate month before Christmas showing a surge in customer activity.

Clothing Stores (18%), Sporting/Toy Stores (17%), and Electric Appliance (16%) retailers were the only sectors to grow by double-figures in the number of customers spending week-on-week for the Black Friday sales period.

The three sectors also surged week-on-week in the volume of transactions (Electric Appliance 49%; Clothing Stores 27%; Sporting/Toy Stores 22%), confirming the Black Friday sales preferences of customers.

However, while retailers experienced a Black Friday boost, the year-on-year November figures highlighted the continued trend of stagnant growth across the number of customers spending, and transaction value and volume.

The number of customers spending compared to the previous year contracted (-0.7%), while the volume of transactions remained stable (2%), with the value up (7%) as expected under cost-of-living pressures.

The generation snapshot also revealed those cost-of-living pressures were not discriminatory, with the number of Millennials (-5.2%), Gen X (-4.6%), and Baby Boomers (-3.2%) that transacted in November all falling year-on-year.

It was the discretionary sectors that were sacrificed, as spending at Electric Appliance retailers fell by more than 30 per cent across all three generations, with Department Stores also experiencing significant year-on-year declines.

It was a similar trend across the generations in the volume of transactions, with Millennials (0.2%), Gen X (1.7%), and Baby Boomers (0.7%) barely shifting year-on-year.

Bankwest General Manager Products and Digital Services Peter Bouhlas said: “Current economic conditions are presenting challenges for many Western Australians, especially with Christmas approaching.

“We can see in the Spend Trends analysis that Western Australians are responding by really reining in spending across the board, and we’ve now experienced consecutive months of little-to-no growth in transaction activity.

“The Black Friday period proved a boon for retailers, but even that week, when compared year-on-year, showed few signs of growth, indicating customers took advantage of sales, but weren’t increasing spending overall.

“It is always interesting, though, to see which sectors begin increasing in transaction activity as we approach Christmas, and it looks as though there’ll be plenty of clothes, toys, and electrical goods under the tree this year.

“Of course, this time of year can also be incredibly challenging for many people, and I urge any customers experiencing financial difficulties to get in touch with us so we can support their individual needs."

Overall transaction change

  Number of customers transacting
(%)
Total volume of transactions
(%)
Total value of transactions
(%)
Month-on-Month
Oct 23-v-Nov 23
+2.6 +6 +5
Year-on-Year
Nov 22-v-Nov 23
-0.7 +2 +7
 
Number of customers transacting
(%)
Total volume of transactions
(%)
Total value of transactions
(%)
Month-on-Month
Oct 23-v-Nov 23
+2.6
+6
+5
Year-on-Year
Nov 22-v-Nov 23
-0.7
+2
+7

Black Friday focus

Top sectors by week-on-week change, ranked by No. Customers Transacting, for Black Friday sales

  Number of customers transacting
(%)
Volume of transactions
(%)
Value of transactions
(%)
Clothing stores +18 +49 +29
Sporting/Toy stores
+17 +27 +22
Electric appliance
+16 +22 +12
 
Number of customers transacting
(%)
Volume of transactions
(%)
Value of transactions
(%)
Clothing stores
+18
+49
+29
Sporting/Toy stores
+17
+27
+22
Electric appliance
+16
+22
+12

Where Western Australians are spending

Search by volume of unique customers transacting

Month-on-month
Biggest growth in number of unique customers transacting
 % Smallest growth in number of unique customers transacting  %
Department Stores +30 Auto rental -10
Electric Appliance +25 Repair shops -5
Clothing stores +19 Hardware -3
Month-on-month
Biggest growth in number of unique customers transacting
 %
Smallest growth in number of unique customers transacting
 %
Department Stores
+30
Auto rental
-10
Electric Appliance
+25
Repair shops
-5
Clothing stores
+19
Hardware
-3
Year-on-year
Biggest growth in number of unique customers transacting
 % Smallest growth in number of unique customers transacting  %
Airlines +18 Repair shops -30
Travel agency +13 Department stores -12
Hotel/Motel +5 Discount stores -9
Year-on-year
Biggest growth in number of unique customers transacting
 %
Smallest growth in number of unique customers transacting
 %
Airlines
+18
Repair shops
-30
Travel agency
+13
Department stores
-12
Hotel/Motel
+5
Discount stores
-9

Month-on-month (Oct 23-Nov 23) top 5 sectors by...

Biggest growth in volume
 % Smallest growth in volume  % Biggest growth in value  % Smallest growth in value  %
Electric appliance +52 Auto rental -10 Electric appliance +22 Hotel/Motel -4
Department stores +46 Hotel/Motel -4 Department stores +12 Service stations -2
Sporting/Toy stores +29 Restaurants/Bars -2 Sporting/Toy stores
+11 Vehicles -2
Biggest growth in volume
 %
Smallest growth in volume
 %
Biggest growth in value
 %
Smallest growth in value
 %
Electric appliance
+52
Auto rental
-10
Electric appliance
+22
Hotel/Motel
-4
Department stores
+46
Hotel/Motel
-4
Department stores
+12
Service stations
-2
Sporting/Toy stores
+29
Restaurants/Bars
-2
Sporting/Toy stores
+11
Vehicles
-2

Year-on-year (Nov 22-Nov 23) top 5 sectors by...

Biggest growth in volume
 % Smallest growth in volume  % Biggest growth in value  % Smallest growth in value  %
Airlines +14 Repair shops -20 Repair shops +13 Auto rental -7
Travel agency +14 Auto rental -6 Mail order +12 Sporting/Toy stores -3
Hotel/Motel +8 Department stores -6 Professional Srvcs +7 Airline -3
Biggest growth in volume
 %
Smallest growth in volume
 %
Biggest growth in value
 %
Smallest growth in value
 %
Airlines
+14
Repair shops
-20
Repair shops
+13
Auto rental
-7
Travel agency
+14
Auto rental
-6
Mail order
+12
Sporting/Toy stores
-3
Hotel/Motel
+8
Department stores
-6
Professional Srvcs
+7
Airline
-3

Generational snapshot

Year-on-year growth values by generation from Nov 22-Nov 23

  Number of unique customers transacting
(%)
Volume of transactions
(%)
Average value of transactions
(%)
Millennials -5.2 +0.2 +8.6
Gen X -4.6 +1.7 +9.9
Baby boomers -3.2 +0.7 +4.7
 
Number of unique customers transacting
(%)
Volume of transactions
(%)
Average value of transactions
(%)
Millennials
-5.2
+0.2
+8.6
Gen X
-4.6
+1.7
+9.9
Baby boomers
-3.2
+0.7
+4.7

Sector examples

Sector Examples
Airlines Self-explanatory
Auto rental Self-explanatory (general and commercial)
Clothing stores Single-brand stores, as opposed to multi-brand department Store retailers
Department stores Large department stores and chains, not including discount department stores
Discount stores Discount department stores and budget lifestyle and homeware retailers
Electrical appliance Whitegoods retailers, home entertainment stores, mobile and computing device outlets, computer games
Food stores/Warehouses Includes grocery stores, as well as wholesale food distribution warehouses
Hardware Hardware retailers and chains, landscaping specialists, home DIY retailers
Hotels/Motels Self-explanatory
Other retail Online marketplaces, online arms of bricks-and-mortar retailers, discount department stores, liquor stores
Other services Courier services, public administration, newspaper subscriptions, roadside assistance companies
Other transport Ride sharing companies, taxis, private and public paid parking
Pharmacies Self-explanatory
Professional services All types of insurance, waste disposal services
Quasi cash Casino and gambling activities
Repair shops Cobblers, tailors, electrical appliance repairs, watchmakers, mobile phone repairs
Restaurants/Bars Self-explanatory
Service stations Self-explanatory
Sporting/Toy stores Non-digital game retailers, outdoor recreation stores, sporting goods, apparel and footwear outlets
Travel agencies Self-explanatory (online and bricks-and-mortar)
Utilities Typical utility services, streaming services
Vehicles Automotive dealerships, automotive and car care accessory retailers, repairs and servicing
Sector
Examples
Airlines
Self-explanatory
Auto rental
Self-explanatory (general and commercial)
Clothing stores
Single-brand stores, as opposed to multi-brand department Store retailers
Department stores
Large department stores and chains, not including discount department stores
Discount stores
Discount department stores and budget lifestyle and homeware retailers
Electrical appliance
Whitegoods retailers, home entertainment stores, mobile and computing device outlets, computer games
Food stores/Warehouses
Includes grocery stores, as well as wholesale food distribution warehouses
Hardware
Hardware retailers and chains, landscaping specialists, home DIY retailers
Hotels/Motels
Self-explanatory
Other retail
Online marketplaces, online arms of bricks-and-mortar retailers, discount department stores, liquor stores
Other services
Courier services, public administration, newspaper subscriptions, roadside assistance companies
Other transport
Ride sharing companies, taxis, private and public paid parking
Pharmacies
Self-explanatory
Professional services
All types of insurance, waste disposal services
Quasi cash
Casino and gambling activities
Repair shops
Cobblers, tailors, electrical appliance repairs, watchmakers, mobile phone repairs
Restaurants/Bars
Self-explanatory
Service stations
Self-explanatory
Sporting/Toy stores
Non-digital game retailers, outdoor recreation stores, sporting goods, apparel and footwear outlets
Travel agencies
Self-explanatory (online and bricks-and-mortar)
Utilities
Typical utility services, streaming services
Vehicles
Automotive dealerships, automotive and car care accessory retailers, repairs and servicing

About Bankwest
Bankwest’s vision is to be a simple, easy bank for the Australian homeowner of today and tomorrow, and our purpose is to build a brighter future for all. Bankwest provides personal and everyday banking solutions for customers across Australia. We support customers in doing their banking in the ways that suit them, with innovative digital solutions, an Australia-based 24/7 Contact Centre, a passionate broker community, and our WA branch network. Bankwest is a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit license 234945.

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