The increase is driven by retail spending, data shows
Australians’ average daily spend for Australians increased by 2.9% from $57.17 to $58.84 in April, driven mainly by discretionary expenses, but remained relatively flat year-on-year, down from $59.35 in April 2022.
This was according to the April 2023 Beforepay Cost of Living Index, which shows the average daily spend of Beforepay registered users across multiple household expense categories.
The main contributors to the increase in average spending were shopping and durable shopping, which were up 7.8% and 7.7%, respectively, month-on-month, the index showed.
Utilities continued to strain the average Australian budget. Despite a 0.8% drop in April to $5.96 from $6.01 in March, utilities remained 18.7% above the level a year ago.
Fitness and health expenses also surged in April, up 4.3% to $2.44 from $2.34 the prior month.
The BeforePay Cost of Living Index showed that spending on household goods and necessities stabilised over the last month, as Australians adjust to inflation and higher cost of living. Spending on groceries lifted 1.2% to $15.24 from $15.06 in March, while petrol and auto spending slipped 0.3% month-on-month to $7.85 from $7.87.
“As economic conditions remain tight for many Australians, we continue to encourage everyone to continue to track their spending and work within a budget.” said Jamie Twiss (pictured above), CEO of Beforepay. “There are great resources out there to help Australians manage their finances, such as moneysmart.gov.au, and the National Debt Helpline is a great resource for anyone feeling under pressure.”
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, and is drawn from the spending data of more than 350,000 Australians.
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