May 2023 Beforepay Cost of Living Index
Australians cut back as daily spending drops 5.7% in May 2023
Spending fell in May 2023, with the average daily spending for Australians down 5.7% from $58.84 to $55.49, according to the Beforepay Cost of Living Index. Daily spending was down month-on-month across all key categories, with the largest decreases seen in durable shopping and fitness and health. Daily spending also decreased year-on-year, down 3.3% from $57.36 in May 2022.
Discretionary spend categories saw the largest decreases month-on-month, led by the 10.3% drop in durable shopping expenses from $6.69 in April to $6.01 in May.
This was followed by an 8.6% decrease in spending on fitness and health, down from $2.44 in April to $2.23 in May, and a 6.8% decrease in entertainment and leisure, dropping from $3.10 to $2.89.
Necessities saw the least month-on-month decrease in spending. Australians spent 4.1% less on groceries, with the average daily spend down from $15.24 in April to $14.62 in May. Similarly, food and drink was down 4.4% from $10.52 in April to $10.06 in May.
The Beforepay Cost of Living Index for May 2023 is $55.49.
While utilities dropped only 3.4% month-on-month from $5.96 in April to $5.76 in May, it saw the highest year-on-year increase, up 11.8% from $5.15 in May 2022.
Petrol and auto expenses also saw a 6.4% drop from $7.85 in April to $7.35 in May.
Below is a full month-by-month breakdown over the last 12 months. See sub-category descriptions here.
The Beforepay Cost of Living Index includes various household expenses such as utilities, groceries, food and drink, shopping, petrol, and fitness and health, providing a comprehensive overview of consumer spending.
Cost Of Living Sub-Category Descriptions
Below are brief descriptions that outline the type of expenses applicable to each spending category.
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.
Spending on non-edible, non-durable goods, i.e. clothing, shoes, consumer packaged goods.
Spending on electricity, gas (home) and phone.
Entertainment & Leisure
Movie streaming, tickets, mobile and console gaming, hobbies, bookshops and other recreation expenses.
Spending on long lasting products, such as white goods.
Fitness & Health
Any expenses on gyms, health insurance and chemists
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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.