Tuesday, June 18, 2024

Aussies cut back on their spending

Almost half (47%) of the Australians surveyed in a recent pulse study conducted by Monash University are shopping for lower-priced brands more now than they did at the same time last year.

The report’s lead author Dr Eloise Zoppos, Research & Engagement Director of the Australian Consumer and Retail Studies research unit, says Australian shoppers are continuing to become more conscious of what they’re buying.

“Cost-of-living increases are top of mind for all Australians right now,” she says.

“Our research shows that Aussies are becoming more and more mindful of what they’re spending and are becoming more price-driven than they were at the same time last year.

“Some are shopping for lower priced brands or alternatives more than they did in 2022, while others are holding off until a sale, and some are even deferring a purchase indefinitely.”

While shoppers are more conscious of their spending, 35% of the respondents also stated that they are shopping for products that are locally produced more than they did at the same time last year. 30% are shopping more for environmentally friendly products, too.

“Coming out of Australian Made Week, it’s heartening to see more Australian shoppers wanting to shop for products that are locally produced,” says Ms Zoppos.

“It’s a finding that we’ve been seeing in our research for several years, and one that really started to emerge strongly during the pandemic as Australians became more conscious of their broader shopping habits.”

Regarding sustainability, Ms Zoppos says: “Our research shows that sustainability continues to be important for many Australians. It’s clear that sustainability is not just a trend, and Aussies are rejecting a throwaway culture and are really becoming mindful of their purchase habits.”

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