MCU14/0056 - Attachment H -Economic Needs Assessment

          Convenience homewares and personal services – includes non-food products
          typically sold in chemists, newsagents and supermarkets (e.g., paper products, pet
          supplies, cleaning items and personal health and beauty products) and personal
          services (e.g. hairdresser, DVD hire, dry-cleaning);
          Comparison Homewares – goods that consumers buy at infrequent intervals and
          would normally compare prices before purchasing (for example furniture,
          appliances, tools, computers, jewellery and luggage).
Household spending on take home food, meals out-take away and some convenience
homewares will be of most relevance to the retail component of the proposed mixed-use
development.


3.4.1      Average Household Spending Potential
Table 3.3 sets out the estimated average household retail spending by the five commodity
groups (in 2013 $ values).

Table 3.3: Average Household Retail Expenditure by Commodity Group (2013 $ values)
                            Take    Meals out             Convenience     Comparison
                                                Apparel
 Trade Area                home      and take             Homewares/      Homewares      Total ($)
                                                    ($)
                         food ($)    away ($)              services ($)           ($)
 Cooroy East               9,810        4,220     2,200          5,010         6,600      27,840
 Cooroy West              10,610        4,570     2,380          5,420           7,140    30,120
 Total Trade Area         10,135        4,360     2,270          5,180           6,820    28,770


 Sunshine Coast           10,470        4,510     2,340          5,350           7,050    29,720
 Queensland               11,210        4,830     2,510          5,720           7,550    31,820

Source:   ABS 2009-10 Household Expenditure Survey, National and State Accounts, Foresight Partners
Calculations

Trade area households currently average about $28,770 spending on retail goods and
services per annum, which is slightly below the Sunshine Coast ($29,720) and about 90%
of the Queensland ($31,820) average.


3.4.2      Current and Future Household Spending Potential
Multiplying average household expenditures by the trade area households at the June
2013 base year produces an estimate of total retail expenditure potential. Similar
calculations for the forecast years 2017, 2019 and 2021 produces estimates of the pool of
expenditure potential available in the main trade area, as shown in Table 3.4.
Retail expenditure potential generated by trade area households at June 2013 is
estimated at $61.9 million, of which $35.6 million is in Cooroy East.
This is expected to increase in line with forecast household formation to:



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Proposed Myall Street Development
12022 Rev 1
30 May 2014