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Believe it or not, we’re spending more because of COVID-19 - featured image
By Brett Warren

Believe it or not, we’re spending more because of COVID-19

Retail spending is on the rise because of the Corona Virus. Smart Spenders

According to shoppers spent an extra $13.5 billion in the last month because of panic-buying.

COVID-19 panic-buying is cost Australians an average $848 extra last month, or a combined estimated $13.5 billion according to Finder.

No real surprise here when you see the queues at supermarket checkouts, is there?

Expense Average spend
in March to date
  Difference in March 2020
vs October 2019
 % difference
Clothing/Shoes     $231.83     $28.46   14%
Electronics     $88.62     $33.42   61%
General Merchandise     $202.90     $45.87   29%
Groceries     $765.61     $309.83   68%
Healthcare/Medical     $180.25     $42.50   31%
Insurance     $259.12     $67.23   35%
Petrol/Fuel     $187.57     $48.43   35%
Securities Trades     $382.83     $260.77   214%
Travel     $442.30     $11.87   3%
Total     $2,741.03     $848.37

Source: Finder app

Other interesting insights include:

  • A 214% jump in share trading spending, as stock markets plunge opening an opportunity to buy cheaper securities.
  • ATM cash withdrawals have dropped this month to date by 11%, as reports around the spread of coronavirus on physical cash has been heard
  • Health care and medical expenses has increased by 31% this month to date, as Australians are seen stocking up on medical supplies
  • Interestingly while most people are in self-isolation this month, we’ve found a 35% increase in spending on petrol compared to October 2019
  • Unsurprisingly, spending on restaurants and dining has dropped by 9%, and this is expected to drop further in the coming months as more food businesses close.

Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on

If you're wondering what will happen to property in 2020–2021 you are not alone.

You can trust the team at Metropole to provide you with direction, guidance and results.

In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that's what you exactly what you get from the multi award winning team at Metropole.

If you're looking at buying your next home or investment property here's 4 ways we can help you:

  1. Strategic property advice. - Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now!  This will give you direction, results and more certainty. Click here to learn more Metropole
  2. Buyer's agency - As Australia's most trusted buyers’ agents we've been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective - that's something money just can't buy. We'll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory - We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management - Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.


Some positive updates about COVID-19

Coronavirus And The Australian Property Market

About Brett Warren Brett Warren is National Director of Metropole Properties and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their wealth through strategic property advice.
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