Sydney, Australia – Beforepay, Australia's leading ethical fintech company, has just released its Cost of Living Index for October 2023. The new data reveals a 1.01% month-on-month decrease in daily average spending, moving from $61.14 to $60.52. This marks the third consecutive month of decrease in daily average spending for Australians. Year-on-year comparison shows a 1.24% increase from $59.78 in October 2022.
Month-on-month spending was down across most key categories as Australians continue to adjust to cost of living pressures. The drop was most notable across discretionary spending categories, with the most significant decrease in fitness and health. Average daily figures have changed by 4.28%, now at $2.46, from $2.57.
The data also showed a 2.36% month-on-month decrease in daily average spending for durable shopping, with the category now standing at $6.61 from $6.77, and a 1.79% drop in entertainment and leisure to $3.29 from $3.39.
Among non-discretionary categories, the daily average spending for utilities dropped 2.42% to $6.06 from $6.21, as consumers navigate the ongoing changes to utility costs.
Australians spent slightly less on petrol in October, with the daily average spending in the category dropping 1.45% to $8.18 from $8.30.
Of the eight categories in the Beforepay Cost of Living Index, only grocery and shopping expenses increased in October, although only slightly, at 0.59% and 0.14% respectively. The change saw the average daily spend on groceries increase to $15.43 from $15.34 and shopping to $7.37 from $7.36.
"Beforepay's Cost of Living Index for October 2023 highlights a 1.01% decrease in daily average spending, underscoring the persistent challenges Australians face in managing their expenses,” said Jamie Twiss, CEO of Beforepay.
“It's evident that many are actively adapting to the current cost of living pressures. This data reinforces the need for consumers to proactively review their budgets and make necessary adjustments, particularly in the face of rising utility costs and fluctuating petrol prices."
The October 2023 Cost of Living Index is based on a comprehensive insights involving over 370,0000 Australians. It covers a wide range of household expenses, from utilities and groceries to discretionary spending like shopping and leisure activities.
The October 2023 Cost of Living Index is based on data from more than 370,000 Australians and includes various household expenses such as utilities, groceries, food and drink, shopping, petrol, and fitness and health, providing a comprehensive overview of consumer spending.
Below is a full month-by-month breakdown over the last 12 months. See sub-category descriptions here.
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. 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.