Buy Now Pay Later (BNPL), Zip Co has released data outlining consumer spending in the first quarter of 2021, showing an increase in domestic outdoor experiences and activities, with spending on caravans up 178% and scuba diving activities up 282%.
Entertainment spending returned to pre-pandemic levels as restrictions eased across the country, with a slight 1% increase compared to Q1 2020. Spending on food and beverage venues also inched up 2.2% on Q1 2020, although takeaway spend was the clear winner, increasing by 18%.
With more savings and perhaps spare time, people are spending on their cars, with car and motor education up 133%, ahead of repairs (20.5%), spare parts (16.7%), buying or selling (14.7%), and vehicle finance (15%).
Zip co-founder and chief operating officer, Peter Gray said Zip’s data shows that while people couldn’t get overseas this summer, it hasn’t stopped them getting out of the house.
“Caravan dealers are selling over double from this time last year and scuba-diving spend is almost four times what it was. While the local tourism industry is still missing the international dollar, our data shows Australians are out there driving, diving and jumping in to support them.”
The Zip Spending Index is based on anonymised transaction data from a sample of more than 1.5 million Zip customers and 300,000 Pocketbook users.