November 2024 Beforepay Cost of Living Index

Consumers tighten their belts on budgets as spending steadies in the lead-up to Christmas  

The Beforepay Cost of Living Index for November 2024 is $66.12.

Australian households maintained consistent spending patterns in November 2024, with the Beforepay Cost of Living Index reporting an average daily spend of $66.12 – a nominal month-on-month decrease of 0.1% from October’s $66.15. Year-on-year, however, the Index rose by 6.3% from $62.23 in November 2023, demonstrating the continued impact of broader economic pressures on household budgets.

The most significant changes were seen in shopping, with average daily spend for the category increasing by 6.7% month-on-month from $8.66 to $9.24. This growth is likely tied to early holiday purchases and promotional sales events in the month, such as Black Friday.

Durable shopping also grew modestly, up by 2.5% from a daily average of $7.62 to $7.81. At the same time, spending on fitness and health edged upward by 2.2%, reaching a daily average spend of $3.19.

While shopping categories showed growth, entertainment and leisure spending recorded a notable decline, falling by 5.4% to a daily average spend of $4.92 per day. Similarly, spending on food and drink dropped by 3.1% to $11.07, and groceries saw a 2.3% decrease to $15.06.

Meanwhile, petrol and auto expenses rose slightly by 1.4%, reaching $7.80 per day, and utilities remained nearly flat with a marginal increase of 0.1% to $7.03 daily.

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

The November 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.

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. 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.