Did you know that nearly half of Australians are changing up their spending habits as they face the cost-of-living crisis head-on? Aussies are getting smarter with their shopping, trying to make their budgets stretch further.
According to the latest Consumer Sentiment report from NAB Economics, a whopping 44% of Australians are making changes to their spending habits to save some hard-earned cash. The data for this eye-opening report was gathered from a Consumer Sentiment survey conducted by NAB Economics, which interviewed over 2,000 Australians aged 18 and above at the end of 2023.
And you won’t believe the clever tricks they’re using!
One of the popular strategies is taking the time to research products before buying them. About 23% of Aussies are digging deep into their investigative skills and doing more research on the items they’re interested in.
Around 36% of savvy shoppers are opting for less expensive brands rather than chasing after the fancy names. It’s all about the item itself, not the prestige of the brand.
When it comes to where they shop, things are getting interesting. It seems like Aussies are sticking to their trusted online retailers instead of exploring new websites. The number of people trying new online shops has dropped by 7%, and the adventurous spirit of trying new products has decreased by 5%. Why is this the case? It turns out that Aussies are spending more time using their internet banking and becoming more cautious of online scams.
Paul Riley, a Personal Banking Executive, explained to news.com.au that people are becoming “much better” at spotting the red flags of these scams. Whether it’s a too-good-to-be-true sale price or a website that doesn’t offer trusted online payment methods like PayPal, Aussies are on high alert.
Have you changed your spending habits to save money?