Comm Bank highlights spending trends

by | Nov 22, 2023 | Australia, News

Year-on-year discretionary spending was running 0.2% ahead in the July to September period, well below inflation according to the Commonwealth Bank iQ Cost of Living Insights Report. The report found that many consumers are pulling levers to adjust spending habits where they can, particularly those grappling with higher housing costs in metropolitan NSW and Victoria, while 25- to 29-year-olds are being hit the hardest by reduced spending.

For the least affluent group, an estimated 59% was spent on essential items, while the most affluent group spent 43% of their monthly budget spent on essentials.

In terms of essential items, supermarket spending was up 2.3%, while other food and liquor was down 1.4%. In terms discretionary spending on food, eating out and food deliver expenditure was up 1% for the July to September period.