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

The table below displays credit cards with some of the lowest interest rates on the market, disregarding any temporary promotional offers.

Credit card

N/A$product[$field["value"]][FREE_SUPPLEMENTARY_CARDS, ]3015100015.49VisaMore details

G&C Mutual Bank Low Rate Visa Credit Card

    N/A$product[$field["value"]][FREE_SUPPLEMENTARY_CARDS, PARTNER_DISCOUNTS, PURCHASE_PROTECTION_INSURANCE, ]302050010.99VisaMore details

    Auswide Bank Low Rate Visa Card

      N/A$product[$field["value"]][FREE_SUPPLEMENTARY_CARDS, FRAUD_PROTECTION, PURCHASE_PROTECTION_INSURANCE, ]30301000-1AMEXMore details

      American Express Low Rate Credit Card

        N/A$product[$field["value"]][]302510008.99VisaMore details

        Community First Bank Low Rate Credit Card

          N/A$product[$field["value"]][]302510008.99VisaMore details

          Easy Street Financial Services Easy Low Rate Visa Credit Card

            Important Information and Comparison Rate Warning

            All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of June 19, 2024. View disclaimer.

            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. 

            novretail201

            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