Spending data released from Transferwise on Boxing Day purchases shows there were significantly fewer purchases made compared to the earlier spending bonanzas, with Transferwise reporting a 64% decrease in online sales in comparison to November’s Black Friday and Cyber Monday.
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Credit card | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| [Ascent Premium ] | 0 | [Receive a welcome bonus of 150, 000 Membership Rewards points when you apply online by 25 June 2024, are approved, and meet the minimum spend criteria of $5, 000 in the first 3 months. Available to new Card Members only. Receive a $450 Platinum Travel Credit each year, which can be redeemed for eligible flights, hotels, car hire or unique experiences. Transfer your points to a choice of 10 major Airline Reward Partner Programs including Qantas Frequent Flyer and Velocity Frequent Flyer Complimentary access for you and a guest to over 1, 400 Airport lounges across 140 countries and counting. Complimentary domestic and overseas travel insurance. Smartphone Screen Insurance for up to $500 for screen repairs to your Smartphone when you pay for your smartphone with your Platinum Card, either outright or on a monthly contract., ] | 0 | 0 | 6 | $product[$field["value"]] | 0 | AMEX | More details | ||||
American Express Platinum Card | |||||||||||||
| N/A | 0 | [Minimum credit limit : $1, 000 Card replacement fee (Australia) : $15 Apple Pay, Google Pay, Samsung Pay, ] | 0 | 0 | 15 | $product[$field["value"]] | 15.49 | Visa | More details | ||||
G&C Mutual Bank Low Rate Visa Credit Card | |||||||||||||
| N/A | 0 | [Low ongoing rate 0% p.a. on balance transfers for 6 months. Same low rate on retail purchases, cash advances and balance transfers. Up to 55 days interest free. Additional card available for $0. Low annual fee of $40. Minimum credit limit $500 Choose a credit limit from as little as $500 and up to $15, 000. Access to the worldwide Visa network. The option of loan protection insurance. Replacement of Visa card (within Australia) $12.50 Replacement of a Visa Card (overseas) $55 Apple Pay, Android Pay, Google Pay, Samsung Pay, ] | 0 | 0 | 25 | $product[$field["value"]] | 8.99 | Visa | More details | ||||
Community First Bank Low Rate Credit Card | |||||||||||||
| N/A | 0 | [Overseas ATM withdrawal: $5 Minimum credit limit $1, 000 Maximum credit limit: $25, 000 Annual fee waived for the first year, ] | 0 | 0 | 15 | $product[$field["value"]] | 12.99 | Visa | More details | ||||
MOVE Bank Low Rate Credit Card | |||||||||||||
| N/A | 0 | [A low $49 annual fee but you pay NO FEE if you spend a minimum of $12, 000 annually after the first year Minimum Credit Limit $1, 000.00 Replacement card fee Domestic $7.00 Google Pay, ] | 0 | 0 | 20 | $product[$field["value"]] | 9.95 | Visa | More details | ||||
Greater Bank Visa Credit Card | |||||||||||||
| N/A | 0 | [Up to 57 days interest-free credit. Competitive low interest rate on purchases Low annual fee of $39 - waived if you make purchases of more than $8, 000 a year. Accepted at more than 24 million outlets worldwide - just look for the VISA symbol. Can be linked with up to two other Bank of us accounts ensuring you only have to carry the one card. Option to make balance transfers from existing cards - treated the same way as a purchase with up to 57 days interest free. Minimum credit limit $500, ] | 0 | 0 | 20 | $product[$field["value"]] | 9.99 | Visa | More details | ||||
Bank of us Visa Credit Card | |||||||||||||
These two days of sales were heralded as being extremely important in leading Australia's post-virus recovery, and in November 2020 they helped spearhead a 7.1% increase in nationwide retail turnover month-on-month.
Source: ABS
However, with heavily discounted goods from these sales lasting throughout the month, Australians look to have taken a more cautious approach to spending on Boxing Day, according to TransferWise Australia Country Manager Tim Cameron.
"With restrictions as a result of the Northern Beaches COVID-19 outbreak and extensive End of Year sales, it made sense many opted to remain frugal on the day," Mr Cameron said.
"Shoppers had the opportunity to look around and not make impulsive boxing day purchases compared to the past, as the sales continued throughout December off the back of Black Friday and Cyber Monday and well into the New Year."
See also: How to responsibly use buy now, pay later over Christmas and New Years
Spending on flights and transport up significantly
That isn't to say we didn't spend any money last Boxing Day, far from it.
Many Australians are still primed to spend, as in the week before Christmas, another 22,000 Australians withdrew an average of $7,000 from their super before the scheme closed permanently.
Although the preliminary December retail data from the Australia Bureau of Statistics (ABS) due this month will reveal the true extent of our spending, Transferwise has already reported huge surges in certain categories on Boxing Day.
TransferWise saw a huge 171% spike in flight sales, a 122% rise in public transport spending, a 37% increase in car rentals and a 26% increase in car transfer services this Boxing Day compared to the entire month of December.
See also: Airfares could drop by 35% in a post-coronavirus 2021
In contrast, Black Friday and Cyber Monday's big sales were mostly consumer-centric:
Top four purchases made on the TransferWise debit card per sale day:
|
Boxing Day 📦 |
Black Friday 🛍️ |
Cyber Monday 💻 |
|---|---|---|
|
+171% Flights |
+1,313 % Beauty Shops |
+72% Sports Stores |
|
+122% Public Transport |
+380% Appliances |
+64% Motorcycles |
|
+37% Car Rentals |
+190% Camping |
+47% Beauty & Care |
|
+ 26% Car Transfer Services |
+128% Hotels & Lodging |
+26% Gym Memberships |
Source: Transferwise
“The spike in transportation makes sense as many Sydneysiders and holiday makers fled the region to escape the 5-person to a household limit for New Year’s Eve and return home to avoid border lockdowns," Mr Cameron said.
Photo by Patrick Tomasso on Unsplash
Denise Raward
Emma Duffy
Alex Brewster
