February 2024 Beforepay Cost of Living Index

February sees 4.6% uplift in spending with a twist in Valentine's day habit

Consumer spending increased 4.6% month-on-month this February, according to insights from Beforepay’s Cost of Living Index. New data shows daily average spending rose to $60.78 in February, up from $58.12 in January. This increase reflects the seasonal post-holiday recovery seen in previous years, although the month-on-month increase was higher this year in comparison to the 2.5% rise between January and February 2023. 

Spending on entertainment and leisure was the largest driver of the month-on-month increase, up 37.3% from $3.19 to $4.38 as Australians celebrated Valentine’s Day.

The Beforepay Cost of Living Index for February 2024 is $60.78.

Additional data, based on insights from 163,000 registered Beforepay users who recorded spending across entertainment, shopping and food and drink on the day, reveals an average Valentine’s Day spend of $78, down from $101 in 2023. This may be an indicator of a shift in spending priorities amidst economic pressures, as daily average spending on food and drink dropped 6% to $9.90 from $10.53 in January. Conversely, shopping increased a considerable 10.3% month-on-month to $7.50 from $6.80. 

Other notable increases include utilities, up 10.5% to $6.74 from $6.10, possibly in response to the changing seasons, and fitness and health, up 18.4% to $2.90 from $2.45, likely driven by New Year’s resolutions. Durable shopping also increased 4.1% month-on-month to $2.90 from $2.49, while petrol and auto saw a slight increase of 2% to $7.68 from $7.53. 

Groceries saw the least amount of change month-on-month, dipping just 0.7% to $15.07 from $15.17. 

Below is a full month-by-month breakdown over the last 12 months. See sub-category descriptions here. 

Cost Of Living Sub-Category Descriptions

Below are brief descriptions that outline the type of expenses applicable to each spending category.  

Groceries

Grocery stores where raw vegetables and meat are sold. 

Food & Drink

Any restaurant, pub or vendor that sells food that is not prepared or processed, i.e. not groceries.

Petrol & Auto

Any spending on petrol, car maintenance and car accessories.

Shopping

Spending on non-edible, non-durable goods, i.e. clothing, shoes, consumer packaged goods. 

Utilities

Spending on electricity, gas (home) and phone. 

Entertainment & Leisure

Movie streaming, tickets, mobile and console gaming, hobbies, bookshops and other recreation expenses.

Durable Shopping

Spending on long lasting products, such as white goods.

Fitness & Health

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. This article contains selected summary information only and is provided for general information purposes only. The Cost of Living Index data is derived from a Beforepay user’s average daily spend in selected household expense categories per person. The data may vary depending on the main bank account linked with Beforepay. The numbers have not been adjusted for seasonality. To the maximum extent permitted by law, Beforepay and the related bodies corporate of Beforepay, make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this article. To the maximum extent permitted by law, Beforepay does 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.