Economic Development Snapshot

How can you use it?

If visitors are a primary market for your business, you should…

• Use the data against your P&L account figures. If Visitation is dropping or increasing, this may be reflected in your accounts.
• If Visitation is tracking downwards, it’s wise to look at your promotions and local marketing initiatives to support your business with local market opportunities.
• If Visitation is tracking upwards, how can this be leveraged? Where can you position your brand to capture the excess?

There are a range of tourism research bodies in Australia. Tourism Research Australia (TRA) conduct two main pieces of research quarterly – the National Visitor Survey and International Visitor Survey. This research is then taken by tourism bodies to draw local insights into the tourism industry. Council works with Tourism Solutions Research to access these quarterly reports on domestic and international visitation across day and overnight visits. Overnight visitors are considered as a ‘high value’ visitor and contribute much more to the local economy.

How can you use it?

• Watch the transaction figure trend, is it moving upwards and is this reflected in your business P&L?
• Look at the Total Local Spend, this is made up of Visitor and Resident spend – is this tracking up or down? If it’s moving down, consider a promotion or incentive to drive expenditure.
• Look at the top local industries. Have you ever considered any joint campaign or initiative with these local industries that would complement your offering?

Tracking spend is a critical measure of economic health. Waverley Council uses SpendMapp data to determine local patterns of spending, by whom and where, so that we can get a full picture of the local economy 24/7. We use this data to manage and respond to long-term economic trends and shocks, gain insight into the night-time and visitor economies, online and escape expenditure. We also get immediate feedback on local events or other campaigns Council invests in.

How can you use it?

• Gross Regional Product (GRP) is a clear indicator of economic health. Ensure you track the figures year on year to see the trend in growth or decline.
• Employment is another indicator of economic health, note the change in employment over time. If this is tracking upwards, local businesses are growing and our investment appeal will increase.

The Gross Regional Product is the amount of the nation’s wealth which is generated by businesses, organisations and individuals working in the area. This dataset is derived from the National Economics microsimulation model and is a broad indicator of the growth or decline of the local economy over time. Waverley’s Economic Development team subscribe to Economy.ID for a range or economic measures.

How can you use it?

• If you’re considering opening a business in Waverley or possibly growing your presence locally, use this data to assess the growth and decline of our key business centres. Generally growing areas have had recent investment, improved transport links or an anchor business tenant has opened there.

Every 6 months Waverley Council’s Economic Development team conduct a ground floor commercial unit occupancy count. The main business centres of Charing Cross, Bronte, Bondi, Rose Bay and Bondi Junction are counted. High commercial occupancy indicates that our business centres are thriving. Business centres are a key organising element of the urban structure of Greater Sydney and all play an important role in providing access to jobs, goods and services.

How can you use it?

You will be able to see historic trends of foot traffic in Bondi Junction Centre to then make business decisions on the predicted number of visitors in the coming months. This is particularly useful information due to the changes in visitor behaviour as a result of restrictions imposed by the Covid-19 pandemic.

• Council can track the hourly, daily, weekly and monthly footfall of pedestrians in Bondi Junction Commercial Centre. This data has recently been used by Council to track the effects that the Covid-19 pandemic has had on visitor numbers to Bondi Junction.