How are we spending our money?
High Street’s strength in boutique goods and fashion is evolving, with spend in department stores and clothing shrinking as compared to market share for the same period last year, but strong growth in specialised and luxury goods. The peak period for spend and visitation remains on Saturdays, with spend increasing in the leadup to the weekend. It would be expected that spend will begin to trend upwards again in the upcoming quarter, with the combination of Spring and Christmas spend benefiting sectors that dominate High Street’s business mix.
$breakdown of total local spend
Total local spend - $140M, down 3.99% from Q2
Night-time spend - $10M, down 9.19% from Q2 (Makes up 7.48% of total local spend)
Visitors (non-Stonnington residents) - $85.77M Other Stonnington residents - $39.52M Armadale residents - $14.19M
Visitors 61%, Residents 39%
Q3 2023 to Q3 2024 monthly spend comparison
| |
Q3 2023 |
Q3 2024 |
| Jul |
$44,294,028 |
$43,144,439 |
| Aug |
$49,504,378 |
$48,779,387 |
| Sep |
$47,889,069 |
$46,469,294 |
Q3 2023 to Q3 2024 category spend comparison
|
Q3 2023 |
Q3 2024 |
| Department stores and clothing |
$31,841,408 |
$28,629,34 |
| Professional services |
$27,288,922 |
$25,830,668 |
| Specialised and luxury goods |
$17,921,057 |
$23,813,672 |
| Grocery stores and supermarkets |
$17,309,585 |
$16,598,059 |
| Dining and entertainment |
$15,479,688 |
$16,427,900 |
| Personal services |
$15,745,710 |
$11,969,430 |
| Specialised food retailing |
$9,369,624 |
$8,028,667 |
| Transport |
$3,564,195 |
$3,424,060 |
| Furniture and other household goods |
$2,368,588 |
$2,592,034 |
| Travel |
$1,087,862 |
$778,754 |
| Other |
$399,652 |
$658,912 |
| Bulky goods |
$357,089 |
$541,832 |
| Trades and contractors |
$- |
$208,907 |
| Light industry |
$263,938 |
$74,071 |
Busiest spend day – Saturday (followed by Thursday, Friday, Wednesday, Tuesday, Monday and Sunday)
*Spend data current as of23 October 2024 and is subject to revisions. Source: Spendmapp by Geografia (2024).
Pedestrian
Busiest pedestrian traffic day of the week -Saturday (followed by Sunday, Monday, Friday, Thursday, Wednesday, and Tuesday)
Rush hour – 2pm busiest time of the day
*Pedestrian activity data current as of 23 October 2024. Source: City of Stonnington Pedestrian counter 013.
Other data
Vacancies – 5.91% (down 0.91% from January 2024)
Business activity – 11 new businesses opened since January 2024
*Vacancy data current as of August 2024 - 6 monthly review. Source: Vacancy Review, prepared by E3 valuations and commissioned by City of Stonnington
Place Activation Plan for Armadale
Economic Snapshot
July to September 2024 (Q3 2024)(PDF, 96KB)
Previous Snapshots