eftpos News

eftpos joins Victoria’s peak business body as spending data reveals mixed fortunes for state’s SMEs

By November 19, 2020No Comments

eftpos today announced it had become a member of the Victorian Chamber of Commerce and Industry, as eftpos spending data reveals overall transaction volumes have almost returned to pre COVID levels across the state.

However, many small and medium businesses across Victoria continue to face tough times.

The new eftpos transaction data reveals Victorians opened their wallets and spent up on DIY, flowers and homewares across small and medium retailers in the week COVID-19 lockdown restrictions eased.

Compared to 2019 these businesses experienced a significant spending lift. Building and garden supplies were up 25%, florists up 23%, newsagencies up 6% and furniture, homewares and appliance retailers up 6% as well, as they benefit from a boost in sales.*

However, many Victorian business categories continuing to bear the brunt included real estate services (-81%), clothing and soft goods (-25%), hairdressing and beauty spas (-20%), veterinary and pet supplies (-25%), medical and dental businesses (-41%) and even charity and opportunity shops (-8%).*

eftpos CEO Stephen Benton said some businesses had experienced a significant uplift in spend as consumers returned to their local shops, but many small and medium businesses across Victoria faced tough times ahead.

“It was only a few months ago these same businesses endured their lowest yearly sales on record. In August, florists along with furniture, homewares and appliance retailers were down 63%, and building and garden supplies sales had dropped -28%, as restrictions kept Victorians at home.#”

“As the backbone of the local retail community, regenerating our small and medium businesses is key to fuelling Australia’s economic recovery,” he added.

Mr Benton said while there was no doubt business confidence levels were rising, this does not translate to a uniform lift in sales volumes at the register just yet.

“Many of the small and medium businesses categories that we analysed are still significantly down on yearly sales,” Mr Benton said.

Safety measures limiting venue capacity will continue to impact cafés and restaurants (-28%) along with pubs, taverns and bars (-54%) volumes for the foreseeable future*.

Mr Benton said the latest figures painted a revealing picture of the new reality and the effect of this pandemic for small and medium businesses across Victoria, which was why eftpos’ membership with the Victorian Chamber of Commerce and Industry (VCCI) was even more vital.

“Teaming up with VCCI as the state builds the road to recovery for small and medium businesses exposed to the shocks felt by COVID-19 is a focus for eftpos, as we rally together behind local businesses.”

“We know Victorians are keen to kick start their local business communities, with an emphasis on buying local and supporting Australian retailers.”

Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra said the Victorian Chamber of Commerce and Industry welcomes the membership of a renowned business service brand of eftpos’ calibre.

“The data eftpos has released today shows mixed fortunes across a range of sectors with some doing it tougher than others as a result of COVID-19 restrictions.

“We’d like to see as many people back to work as possible now so that we can kickstart our economy and put the eftpos machines to work in the lead up to Christmas.”

*eftpos transaction volume growth for the 7-day period commencing 28th October compared to equivalent 7-day period in 2019 starting 30th October.
#eftpos transaction volume growth for the 7-day period commencing 9th August compared to equivalent 7-day period in 2019 starting 11th August.

 

About eftpos

eftpos is Australia’s own debit card network, accounting for more than 2 billion CHQ and SAV transactions in 2019 worth around $130 billion. For more information on eftpos, please visit: www.eftposaustralia.com.au

Media inquiries:

Warwick Ponder, eftpos
0408 410 593
WPonder@eftposaustralia.com.au