New data from the Beforepay Cost of Living Index reveals Australian spending surged in December 2024. After seeing restrained spending in the months prior, daily average spending in December rose 13.6% year-on-year to $73.48, compared to $64.49 in December 2023. The figure also represents an 11.1% increase month-on-month, up from $66.12 in November, reflecting the combined impact of inflation and festive season expenses.
While the increase can be attributed to a seasonal uplift, the month-on-month increase is significantly higher compared to a 4% increase for the same period last year.
Spending increased across all key categories, with shopping the largest contributor. Daily average spend for the category jumped 36% to $12.57 from $9.24. Durable shopping followed, rising 14.7% to a daily average spend of $8.96 in December, up from $7.81.
Daily average spend also rose across other discretionary categories: fitness and health up 9.4% to $3.49 from $3.19, entertainment and leisure up 8.5% to $5.34 from $4.92, and food and drink up 7.5% to $11.90 from $11.07.
Additional costs associated with festive meals and travel were reflected in increases across non-discretionary categories – groceries jumped 5.6% month-on-month to a daily average spend of $15.91, while petrol and auto rose 6.2% to $8.28 from $7.80.
Utilities remained unchanged from November 2024 at $7.03.
Below is a full month-by-month breakdown over the last 12 months. See sub-category descriptions here.
The December 2024 Beforepay Cost of Living Index offers insights derived from over 430,000 users, providing a detailed view of consumer behaviour across essential and discretionary spending categories.
Below are brief descriptions that outline the type of expenses applicable to each spending category.
Grocery stores where raw vegetables and meat are sold.
Any restaurant, pub or vendor that sells food that is not prepared or processed, i.e. not groceries.
Any spending on petrol, car maintenance and car accessories.
Spending on non-edible, non-durable goods, i.e. clothing, shoes, consumer packaged goods.
Spending on electricity, gas (home) and phone.
Movie streaming, tickets, mobile and console gaming, hobbies, bookshops and other recreation expenses.
Spending on long lasting products, such as white goods.
Any expenses on gyms, health insurance and chemists
Have questions? Reach out to mediaenquiries@beforepay.com.au for more information.
About the Beforepay Cost of Living Index
The Beforepay Cost of Living Index shows the average daily spend of Beforepay registered users across multiple household expense categories. As of March 2024, the average annual individual Beforepay customer gross income was $65,783 (counting only the main source of income) with a broadly representative geographic and gender breakdown. The data may vary depending on the main bank account linked with Beforepay. To the maximum extent permitted by law, Beforepay and its related bodies corporate, make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this article and do not accept any liability for any loss whatsoever arising from the use of this article or its contents or otherwise arising in connection with it.The Beforepay Cost of Living Index shows the average daily spend of Beforepay registered users across multiple household expense categories.