The data suggests that overall, people spend marginally less on their dads than their mums (-3 per cent), however there are clear indicators as to where the money will be spent this week, based on trends seen in previous years.
CommBank Executive General Manager Small Business Banking, Rebecca Warren, said the spend data provided valuable insights for small businesses seeking to take advantage of a big spending event like Father’s Day.
“Father’s Day kicks off a busy season for Australian small businesses as we head into the last few months of the year. It’s a good time to think about maximising these spending events, promotion opportunities and ways to provide outstanding customer service at a crucial time.
“While our data shows that Aussies spend almost as much on their dads as their mums, there are clear differences in where this spend is being directed and certain sectors can hopefully brace for an uptick in spending this week, based on trends seen in previous years.”
Ms warren shares her top three tips in the lead up to a big spending event like Father’s Day.
1. A little marketing spend can go far
One of the best ways of boosting business around special events like Father’s Day, especially if you’re running a small business, is targeting your local community with promotions, and a little marketing budget can go a long way.
Using your own social media following is free, but your reach is limited to those who follow you. If budget allows, it’s worth looking into putting some budget towards social media spend to expand your reach and let your community know you’re open for business.
Many people wait until last minute to purchase gifts, so even in the week leading up to Father’s Day wouldn’t be too late to set up some promotional material.
2. Forecasting demand
The best way to prepare for the likely influx of business is by forecasting demand. Look at your sales history and consider your inventory planning appropriately.
Sales trading history can help you plan for a rise in demand for particular products or services while doing some research into your customers can help you personalise offerings and tailor marketing to attract customers.
It’s important to take the time to reflect so you can optimise your business for the next peak period, ultimately setting up your business up future success.
3. Optimise your cash flow to make smarter decisions
Keeping a close eye on your cash flow ensures you are keeping on top of your financial situation and can mitigate any potential shortfalls.
As the cost of doing business rises, making faster and better business decisions will increasingly depend on maintaining smart, real-time visibility over your cash flow.
Every business will have different cash flow tracking needs.
CBA offers free comprehensive cash flow tracking capabilities via the Business Cash Flow tool in the CommBank app, which offers monthly summaries of incoming and outgoing cash flow, month-by-month breakdowns and real-time transaction history to help small businesses easily track their finances.
*Refers to spending in the week leading up to Mother’s Day in 2023, and the week leading up to Father’s Day 2023. Data based on CBA merchants data (terminals and eCommerce) from 8-14 May 2023 (inclusive) compared with 28 August 2023 – 3 September 2023 (inclusive).
