Daily average spending down 0.82% in March 2024
The latest Beforepay Cost of Living Index reveals consumer spending decreased by 0.82% month-on-month in March. The new data shows daily average spending dropped to $60.28 in March, down from $60.78 in February. This decrease could mean that more Australians are feeling financial pressure due to increasing house and rent prices, leading to reduced spending in the categories measured in the Cost of Living Index.
The month-on-month decrease was largely driven by a decrease in average daily spend on groceries, down 2.46% from $15.07 to $14.70, and petrol down 1.43%, down from $7.68 to $7.57 as Australians start to pull back spend in essential categories.
When compared to February 2024, almost all categories saw a decrease in average daily spend. The only categories that did not see a decrease in average daily spend were shopping and durable shopping, a category that includes white goods. Shopping had a 1.07% increase from $7.5 to $7.58, and durable shopping goods saw a small 0.91% increase in average daily spend from $6.61 to $6.67.
The Beforepay Cost of Living Index for March 2024 is $60.28.
When looking at the percent change in spend, fitness and health saw the largest decrease in average daily spend, reducing by 3.10%, suggesting that some Australians might be throwing in the towel on achieving their new year resolution of improved fitness resulting in gym membership cancellations.
Although there was a decrease in month-on-month spend, the year-on-year numbers show Australians are still spending 5.44% or $3.11 more each day than they did in March 2023 where the average daily spend was $57.17.
Below is a full month-by-month breakdown over the last 12 months. See sub-category descriptions here.
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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.
