JB Hi-Fi boss reveals how we’re spending our money in lockdown

The boss of one of Australia’s major retailers says sales show the economy is coping unexpectedly well amid the COVID-19 pandemic.

JB Hi-Fi yesterday reported a record year of sales, with revenue up by $900 million in the last financial year, compared with the previous year.

JB Hi-Fi chief executive Richard Murray said COVID-19 spending has shifted and he believes many Victorians are now purchasing technology and appliance upgrades with money they would have previously spent on holidays.

“It’s always hard for us to know where the money from customers comes from, but we’ve had very strong growth in the last quarter,” he told Ross and Russel.

“It was fridges and freezers to start with when people were worried about food supply, then we were all setting up our home offices.

“Now it appears to be people are saying ‘I’m pretty much not going overseas or going on holidays or doing the things I thought I’d do, I want to enjoy being at home, I’d love a new TV’.”

Mr Murray says online sales in the last quarter are up by 150 per cent.

“While we’re in lockdown our online sales, click and collect, home deliveries, have been absolutely flying,” he told Ross and Russel.

“We’ve actually kept everyone employed, so we’re really proud of that in Victoria.”

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