Australians spend big on experiences, driving September’s spending increase and reversing downward trend from previous years.
The Beforepay Cost of Living Index for September 2024 is $66.74.
Australian households increased their daily spending by 1.5% in September 2024, according to the latest Beforepay Cost of Living Index. Average daily spend rose from $65.74 in August to $66.69 in September. This year’s increase marks a departure from previous September trends, where consumer spending typically tapered off following the winter months.
Spending on entertainment and leisure and utilities saw the largest increases, suggesting that Australians are prioritising experiences and essential services as they continue to adapt to the ongoing economic challenges.
Year-on-year comparison shows a 9.1% increase in the daily average spend, up from $61.14 in September 2023.
Entertainment and leisure spending saw a 4.8% increase, rising from an average of $4.83 per day in August to $5.06 in September. This is the largest category increase both month-on-month and year-on-year, with the figure jumping 51% from $3.35 in September 2023.
The increase in discretionary spending appears to be concentrated on experiences rather than material goods. The Index recorded an average daily spend increase of 2.7% for fitness and health, up to $3.10 from $3.02, but declines for both durable shopping and shopping, down 1.5% and 1.6% respectively.
At the same time, spending on utilities increased by 3.9%, growing from an average of $6.68 to $6.94 per day as rising energy costs continue to weigh on household budgets. This is accompanied by increases across other essential spending categories – grocery spending was up 2.3%, rising from $15.12 to $15.47, and petrol and auto expenses increased by 2.6%, from $8.07 to $8.28.
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. 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.
