Australian spending habits 2024

Monash University's Australian Consumer and Retail Studies (ACRS) conducted research revealing that Australians are increasingly spending more on necessities like housing, insurance, and groceries due to cost-of-living pressures. The study highlights a significant shift in consumer behaviour, with many Australians perceiving these essential items as unfairly priced and reporting increased spending across these categories compared to the previous year. The research also indicates a trend towards more price-driven purchasing decisions, with consumers opting for lower-priced brands and pre-owned products. Despite these challenges, a majority of Australians are still managing to save a portion of their income, although a notable percentage are unable to save at all. This research is crucial in understanding the financial challenges faced by Australians and the impact on their spending habits, contributing to the broader goal of reducing poverty.

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