Bankwest’s Spend Trends analysis has revealed how the arrival of Omicron and its spread in the state, combined with supply chain disruptions, led to a surge in spending by Western Australians at supermarkets and pharmacies.
The data also suggested continuing signs of demand from Western Australians in heading abroad, with spend at Travel Agencies doubling compared to the previous year, edging closer to a recovery for the sector.
Bankwest’s analysis looked at WA customer credit and debit transactions for January, comparing them year-on-year, to provide insights into how the community has adapted to its first experience of significant COVID spread.
The data showed Travel Agents ended January up 100 per cent year-on-year in the value of transactions and 74 per cent in volume, as the idea of more easily travelling interstate and overseas edges closer to reality.
However, despite the positive signs of growth and recovery, the industry remains in a challenging position, with the value of transactions in January 2022 still 57 per cent below the same time pre-pandemic in January 2020.
The impact of mass COVID spread in the eastern states on production and supply chains was compounded in late January by floods in South Australia that cut off a crucial transport artery to Western Australia.
The events led to some sparse retail shelves and sparked a surge in spending at pharmacies and supermarkets.
Pharmacies started booming in the second week of January (59% YoY), with Supermarket spend going from on-par year-on-year in the first week of January, to up 25 per cent for a fortnight.
Increasing fuel costs also appeared to be hitting the hip-pocket of Western Australians, with Service Stations increasing 27 per cent year-on-year in transaction value for the month.
The trend of increased spending at Department Stores that has been common in WA throughout the pandemic also continued through January, with the category up 28 per cent year-on-year in the value of transactions.
Bankwest Chief Customer Officer Paul Vivian said: “There are some really positive signs in this data for Travel Agents – one of the sectors hardest hit by the pandemic – as the demand for heading abroad appears to remain.
“However, it’s important to remember how significantly impacted that industry was and, while the volume of Travel Agent transactions is creeping closer to pre-pandemic levels, the value of those transactions is a long way off.
“Increased spending at Pharmacies and Supermarkets is something we’ve seen consistently whenever there is a spike in COVID-related activity, and the shortages created by supply chain issues likely further spurred that urge.
“The rise in transaction value at Service Stations is something many of us can relate to, given increased travel within WA and that the average price of ULP in January this year was up more than 40c a litre on 2021.”
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West Aussies rush supermarkets, pharmacies as Omicron arrives
14 February 2022
Overall transaction change year-on-year January 2021 V January 2022
| Value (%) |
Volume (%) |
|
|---|---|---|
|
2021 V 2022
|
+9
|
+2
|
Value (%)
Volume (%)
2021 V 2022
+9
+2
Top 5 sectors by
|
Value of transactions January 2021 |
Value of transactions January 2022 |
Volume of transactions January 2021 |
Volume of transactions January 2022 |
|---|---|---|---|
|
Food Stores/Warehouses
|
Food Stores/Warehouses
|
Restaurants/Bars
|
Food Stores/Warehouses
|
|
Other retail
|
Other retail
|
Food Stores/Warehouses
|
Restaurants/Bars
|
|
Restaurants/Bars
|
Restaurants/Bars
|
Other retail
|
Other retail
|
|
Other services
|
Other services
|
Service stations
|
Service stations
|
|
Professional services
|
Service stations
|
Other transport
|
Utilities
|
Value of transactions
January 2021
January 2021
Value of transactions
January 2022
January 2022
Volume of transactions
January 2021
January 2021
Volume of transactions
January 2022
January 2022
Food Stores/Warehouses
Food Stores/Warehouses
Restaurants/Bars
Food Stores/Warehouses
Other retail
Other retail
Food Stores/Warehouses
Restaurants/Bars
Restaurants/Bars
Restaurants/Bars
Other retail
Other retail
Other services
Other services
Service stations
Service stations
Professional services
Service stations
Other transport
Utilities
Top 5 sectors by
|
Biggest growth in value Jan 2021 v Jan 2022 |
Smallest growth in value Jan 2021 v Jan 2022 |
Biggest growth in volume Jan 2021 v Jan 2022 |
Smallest growth in volume Jan 2021 v Jan 2022 |
|---|---|---|---|
|
Travel agencies
+100% |
Professional services
-2% |
Travel agencies
+74% |
Sporting/Toy Stores
-6% |
|
Pharmacies
+41% |
Discount stores
-5% |
Department stores
+39% |
Clothing stores
-7% |
|
Department stores
+28% |
Other transport
-11% |
Pharmacies
+32% |
Auto rental
-7% |
|
Service stations
+27% |
Auto rental
-14% |
Quasi cash
+27% |
Other transport
-14% |
|
Airlines
+24% |
Repair shops
-18% |
Utilities
+17% |
Electrical appliance
-32% |
Biggest growth in value
Jan 2021 v Jan 2022
Jan 2021 v Jan 2022
Smallest growth in value
Jan 2021 v Jan 2022
Jan 2021 v Jan 2022
Biggest growth in volume
Jan 2021 v Jan 2022
Jan 2021 v Jan 2022
Smallest growth in volume
Jan 2021 v Jan 2022
Jan 2021 v Jan 2022
Travel agencies
+100%
+100%
Professional services
-2%
-2%
Travel agencies
+74%
+74%
Sporting/Toy Stores
-6%
-6%
Pharmacies
+41%
+41%
Discount stores
-5%
-5%
Department stores
+39%
+39%
Clothing stores
-7%
-7%
Department stores
+28%
+28%
Other transport
-11%
-11%
Pharmacies
+32%
+32%
Auto rental
-7%
-7%
Service stations
+27%
+27%
Auto rental
-14%
-14%
Quasi cash
+27%
+27%
Other transport
-14%
-14%
Airlines
+24%
+24%
Repair shops
-18%
-18%
Utilities
+17%
+17%
Electrical appliance
-32%
-32%
Weekly pharmacy spend year-on-year
|
Jan 2021 v 2022 Week 1 (%) |
Jan 2021 v 2022 Week 2 (%) |
Jan 2021 v 2022 Week 3 (%) |
Jan 2021 v 2022 Week 4 (%) |
Jan 2021 v 2022 Total (%) |
|
|---|---|---|---|---|---|
|
Transaction value
|
+10
|
+59
|
+63
|
+37
|
+41
|
|
Transaction volume
|
+5
|
+43
|
+49
|
+33
|
+32
|
Jan 2021 v 2022
Week 1 (%)
Week 1 (%)
Jan 2021 v 2022
Week 2 (%)
Week 2 (%)
Jan 2021 v 2022
Week 3 (%)
Week 3 (%)
Jan 2021 v 2022
Week 4 (%)
Week 4 (%)
Jan 2021 v 2022
Total (%)
Total (%)
Transaction value
+10
+59
+63
+37
+41
Transaction volume
+5
+43
+49
+33
+32
Weekly grocery spend year-on-year
|
Jan 2021 v 2022 Week 1 (%) |
Jan 2021 v 2022 Week 2 (%) |
Jan 2021 v 2022 Week 3 (%) |
Jan 2021 v 2022 Week 4 (%) |
Jan 2021 v 2022 Total (%) |
|
|---|---|---|---|---|---|
|
Transaction value
|
-2
|
+25
|
+21
|
+11
|
+13
|
|
Transaction volume
|
-9
|
+10
|
+8
|
+4
|
+3
|
Jan 2021 v 2022
Week 1 (%)
Week 1 (%)
Jan 2021 v 2022
Week 2 (%)
Week 2 (%)
Jan 2021 v 2022
Week 3 (%)
Week 3 (%)
Jan 2021 v 2022
Week 4 (%)
Week 4 (%)
Jan 2021 v 2022
Total (%)
Total (%)
Transaction value
-2
+25
+21
+11
+13
Transaction volume
-9
+10
+8
+4
+3
Despite year-on-year growth, travel agency spend remains a long way off pre-pandemic levels
|
Jan 2021 v 2020 (pre-pandemic) (%) |
Jan 2022 v 2020 (pre-pandemic) (%) |
|
|---|---|---|
|
Transaction value
|
-78
|
-57
|
|
Transaction volume
|
-62
|
-29
|
Jan 2021 v 2020
(pre-pandemic)
(%)
(pre-pandemic)
(%)
Jan 2022 v 2020
(pre-pandemic)
(%)
(pre-pandemic)
(%)
Transaction value
-78
-57
Transaction volume
-62
-29
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 deliver brilliant customer experiences every day and our purpose is to build a brighter future for all. Bankwest provides personal and business banking solutions for customers across Australia. Our customers enjoy access to an extensive network of branches and business centres, direct and third-party distribution channels, agencies and electronic banking facilities, as well as 24-hour banking on the telephone, internet and the Bankwest App. Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit license 234945.