EOFY boost fades as school holiday spending lifts in July
Bankwest data shows customer spending eased in July following strong end-of-financial-year (EOFY) sales, while school holiday-related categories provided bright spots across accommodation and car rentals.
- Total customer spend fell 0.7% month-on-month in July, while average spend declined 0.8%.
- Customer numbers were broadly steady, increasing 0.1% compared to June.
- Overall spending remained 0.8% higher than a year ago with average transaction spend up 3.2% compared with July last year with the number of customers transacting also down 2.3%.
Where West Australians are spending
- Month-on-month hotel and motel total spending rose 14.9% and auto rental spending increased 18.8%. Travel agencies also saw 5.5% more unique customers transacting compared to last month.
- Annual comparisons also showed airline total spending increased 10.7% and average airline transaction values increased 10.3% compared with July last year.
- Spending at electric appliance stores fell 17.3% month-on-month, department stores declined 14.3%, interior furnishings were down 13.4% from June.
Generational snapshot – July (year-on-year)
- Gen Z led all generations for total spending growth, up 5.4% year-on-year, supported by a 0.7% increase in customer numbers and a 3.9% rise in average spend.
- Millennials recorded total spending growth of 2.0%, despite customer numbers easing 2.2%, with average spend up 3.8%.
- Gen X spending was broadly flat, increasing 0.1% year-on-year. Customer numbers declined 2.6%, while average spend rose 3.8%.
- Baby Boomers recorded a 4.2% decline in total spending, with customer numbers down 5.8%. Average spend increased 3.4% year-on-year.
Comments attributable to Bankwest General Manager, Product Pricing & Credit, Lynn Da Silva
"July spending softened slightly after a strong June, which is consistent with customers taking advantage of end-of-financial-year sales before returning to more typical spending patterns.
"What stands out is the resilience of spending on leisure and holiday-related experiences, with total spend on accommodation and car hire performing strongly during the school holiday period.
"The July Spend Trends data suggests customers are being selective with discretionary spending with many appearing to have shifted their focus from retail purchases towards travel and time with family."
Overall transaction change
Month-on-Month (June 26 v July 26)
Total Spend Change
Year-on-Year (July 25 v July 26)
Number of Customers Transacting
Total Spend Change
Where Western Australians are spending
Month-on-Month
Biggest Growth in Number of Unique Customers Transacting
Smallest Growth in Number of Unique Customers Transacting
Year-on-Year
Biggest Growth in Number of Unique Customers Transacting
Smallest Growth in Number of Unique Customers Transacting
Interior Furnishings
Month-on-Month top 3 sectors by…
Biggest Growth in Total Spend
Smallest Growth in Total Spend
Biggest Growth in Average Transaction
Smallest Growth in Average Transaction
Year-on-Year top 3 sectors by…
Biggest Growth in Total Spend
Smallest Growth in Total Spend
Interior Furnishings
Biggest Growth in Average Transaction
Smallest Growth in Average Transaction
Generational snapshot
| Unique Customers |
Total Spend | Average Transaction | |
|---|---|---|---|
| Gen Z | +0.7% | +5.4% | +3.9% |
| Millennials | -2.2% | +2.0% | +3.8% |
| Gen X | -2.6% | +0.1% | +3.8% |
| Baby Boomers | -5.8% | -4.2% | +3.4% |
Generational snapshot year-on year
| Generation spend growth | Number of unique customers transacting – Most | Number of unique customers transacting – Least | Total spending – Most | Total spending – Least | Average value of transactions – Most | Average value of transactions – Least |
|---|---|---|---|---|---|---|
| Baby Boomers | Sporting Toy Stores |
Interior Furnishings |
Miscellaneous Stores +13.4% |
Mail Order |
Interior Furnishings |
Repair Shops -20.6% |
| Gen X | Sporting Toy Stores |
Interior Furnishings |
Miscellaneous Stores |
Interior Furnishings |
Miscellaneous Stores |
Mail Order |
| Millennials | Sporting Toy Stores |
Interior Furnishings |
Miscellaneous Stores |
Interior Furnishings |
Miscellaneous Stores |
Education |
| Gen Z | Sporting Toy Stores |
Interior Furnishings |
Sporting Toy Stores |
Education |
Electric-Appliance |
Education |
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 | Public 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 ambition is to be Australia's favourite digital bank, through uncomplicated and genuinely useful home lending, personal and everyday banking solutions for customers across the nation. We support customers in doing their banking in the ways that suit them, with innovative digital solutions, a 24/7 Customer Engagement Centre, and a passionate broker community. Bankwest is a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit license 234945.
Contact us
Email Rebecca Wheatley
If you have a media enquiry, please get in touch.