Australian consumers are feeling the pinch of the cost of living crisis, with a majority reporting increased spending on essential items like groceries and housing. Despite this, they are finding ways to adapt and save money.
Key findings from the Monash Business School's Australian Consumer and Retail Studies (ACRS) survey:
Increased spending on essentials: 57% of respondents reported spending more on groceries, while 62% spent more on housing costs compared to the previous year.
Price perception: 58% of participants view grocery prices as unfair.
Changing shopping habits: 58% of shoppers are delaying purchases until sales or special deals.
Savings: 82% of respondents are saving at least a portion of their monthly income, with traditional savings accounts and high-interest savings accounts being the most popular methods.
Overall, the survey highlights the financial pressures faced by Australian consumers and their efforts to adjust their spending and saving habits in response to the rising cost of living.
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