Sunday, June 16, 2024

Aussies reluctant to sacrifice certain luxuries

Millions of Australians are refusing to give up their little luxuries, according to new research by Finder.

A Finder survey of 1096 respondents revealed three quarters of surveyed Australians (74%) – equivalent to 15 million people – have held onto certain comforts despite the cost-of-living crisis.

Entertainment (20%), dining out (18%), and takeaway coffees (18%) top the list of luxuries Aussies are clinging onto regardless of rising costs.

As pressure looms, 15% of respondents are also refusing to give up on their overseas holidays, while 14% are keeping a clutch on beauty products or services.

Almost one in five respondents (17%) haven’t given up anything. That’s equivalent to 3.4 million people who appear to be unaffected by rising living expenses.

On the other end of the spectrum, one in four respondents (26%) have given up all luxuries in order to keep a roof over their heads and food on the table.

Chris Jager, shopping expert at Finder, says despite discretionary spending falling, there are certain luxuries Australians won’t give up.

“On one hand, a quarter of people are forgoing non-essentials just to make ends meet. On the other, many aren’t ready to let go of certain things that provide them joy,” he says.

“The data points to a widening gap in Australia between the haves and the have nots – some are being forced to take drastic action while others are unaffected.”

Of all the generations, gen Z (86%) are the most reluctant to give up on discretionary spending, followed by millennials (76%).

The top three luxuries gen Z refuse to go without are entertainment (25%), beauty products or services (23%), and gym memberships (17%).

Men (21%) are more likely than women (13%) to admit they aren’t restraining themselves from spending on non-essentials.

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