A Bankwest Spend Trends analysis of business turnover activity in the wake of the WA Government’s announcement of a five-day lockdown has revealed the incredible extent of the surge of consumer activity.
Bankwest’s Spend Trends data looked at an hour-by-hour breakdown of turnover for key sectors impacted by Sunday’s announcement and subsequent lockdown, comparing them with the previous week’s trading.
Supermarkets, Liquor Stores, and Pharmacies all experienced sustained surges in turnover, while hospitality venues expectedly slumped, but it was alcohol suppliers that witnessed the most dramatic increases.
Bankwest Chief Customer Officer Paul Vivian said: “The resilience of West Australians has been tested again this week, not only through the COVID lockdown, but also the devastating bushfires in the Perth hills.
“This data shows that WA business sectors will have contrasting experiences during this time, just like they did during last year’s restrictions, and we’re here to support customers affected by the events of this week.
“A silver lining for the businesses affected by this week’s lockdown is that those with turnover declines – namely in the services sectors – were among the first and fastest to rebound as restrictions eased.”
Sunday 31 January 2021 (WA Government announcement ~1pm)
Bankwest’s data showed regular and expected trading levels for all sectors analysed until about midday, when news began emerging of a pending “emergency press conference” from the WA Government.
The anticipation of the announcements, without the announcement itself, was enough to lead to spikes in trading from 12pm to 1pm across Supermarkets (12%), and Pharmacies (40%).
The hours that followed the government’s announcement at about 1pm highlighted the consumer impact, with Supermarkets peaking at 176 per cent from 1-2pm and ending the day 47 per cent above normal trading.
Pharmacies experienced a dramatic surge between 1-2pm, spiking 450 per cent against regular trading levels, and ending the day more than double an average Sunday (108%), as people sought masks and other supplies.
The surprise spike following the announcement was in Pet Shops, which began surging between 1-2pm (135%) and peaked an hour later (365%), ending the day up 104 per cent on expected trading.
Monday 1 February 2021 (Day 1 of five-day lockdown)
The increased trading levels continued into Day 1 of lockdown for Supermarkets and Pharmacies and was joined by a surge in trading by Liquor & Beer Stores, as Pet Shops and hospitality spend fell sharply.
Spending at Liquor & Beer Stores surged after midday on Day 1, bolting to a 630 per cent increase on normal levels between 1-2pm, peaking between 2-3pm at 743 per cent, and ending the day up almost 200 per cent.
Pharmacies failed to reach the peaks of the day of the announcement, but experienced sustained turnover across the entire day, and the sector closed Day 1 of lockdown more than double regular levels (127%).
The hospitality sector was impacted by drastically reduced community activity due to the lockdown, and under directions to move to takeaway only, ending the day at half regular turnover levels.