Greater Geelong’s economy experienced a significant boost in 2024, with consumer spending reaching a substantial $6.1 billion. The region saw its busiest shopping day on December 23, 2024, during the Christmas rush, recording $29.7 million in transactions. According to Spendmapp data from Geografia, analyzed by the City, the rise in online shopping continued to gather momentum, with residents spending a record-breaking $3.5 billion, marking a 10.3 percent increase from the previous year.
Among the most notable shopping events, Black Friday emerged as a key contributor, becoming the seventh-highest spending day of the year. Sales surged by 5.6 percent, totaling $24.8 million. Central Geelong topped the region for retail spend, attracting $944 million, followed by Grovedale with $487 million, and Geelong West, which saw $413 million in consumer purchases.
The grocery and supermarket sector led the charge, with $1.2 billion in sales, surpassing dining and entertainment ($828 million), transport ($821 million), professional services ($773 million), and specialized and luxury goods ($752 million). Local residents accounted for the majority of spending, with 72 percent of the total, while visitors contributed 28 percent.
Domestic visitors from rural and regional Victoria made up 51 percent of the total spend by non-residents, with those from Greater Melbourne contributing 39 percent. Visitors from other parts of Australia, including Greater Sydney, rural NSW, and other regions, collectively accounted for 10 percent of the spending. Notably, shoppers from nearby suburbs like Torquay, Bannockburn, Werribee, Batesford, and Colac spent a combined $254 million in the region.
In total, Greater Geelong residents spent $9.3 billion, with 47 percent directed to local purchases, 38 percent spent online (within and outside the region), and 15 percent allocated to purchases outside the municipality.
Geelong Mayor, Stretch Kontelj OAM, expressed satisfaction with the figures, emphasizing the resilience of consumer spending despite ongoing cost-of-living pressures. “It’s heartening to see that residents have continued to support local businesses, which is crucial for strengthening the region’s economy as we move into 2025,” said Mayor Kontelj.
Business growth also remained strong, with the Australian Bureau of Statistics (ABS) reporting nearly 800 new businesses in Greater Geelong in the year to June 2024. The total number of businesses in the region reached 22,874, marking a 3.5 percent increase. This growth places Greater Geelong seventh among Victoria’s 79 local government areas for business expansion.
The majority of these businesses were small enterprises, with 97.4 percent employing fewer than 20 people. Notable increases in actively trading businesses occurred in areas outside of central Geelong, including Lara, Charlemont, Grovedale – Mount Duneed, Geelong West – Hamlyn Heights, and Barwon Heads – Armstrong Creek.
Key industries in the region included construction, with 4,801 businesses, followed by professional, scientific, and technical services (2,632 businesses), transport, postal, and warehousing (2,492), healthcare and social assistance (2,261), rental, hiring, and real estate services (2,245), and retail trade (1,427).
Councillor Trent Sullivan highlighted the role of small businesses in driving the local economy and pointed out the growth outside central Geelong. “It’s encouraging to see the increase in actively trading businesses in the suburbs and townships, helping to build up local communities. I urge traders to take advantage of the City’s free small business support services, including workshops, mentoring, and networking events, to help navigate the business landscape,” said Councillor Sullivan.
The continued rise in both consumer spending and the expansion of businesses reflects a positive outlook for Greater Geelong as it enters 2025, with further opportunities for economic growth and development.
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