Cost of Living and Consumer Retail Behaviour
2024 Report
In April 2024, ACRS surveyed 392 shoppers across Australia and asked them several key questions on cost of living and spending habits as part of a larger survey on retail consumer attitudes and behaviours.
18 – 24 25 – 34 35 – 44 45 – 54 55 – 64 65+ AGE
63% 60% 37% 39% 1% FEMALE MALE METRO REGIONAL 14% 0% 28% 0% 31% 23% 0% 4% 2 Note: Percentages may not add up to 100% due to rounding. 10% 27% 27% 15% 9% 10% OTHER
The majority of shoppers reported that they felt groceries & related products, housing, and insurance cost more than at the same time last year
Perception of cost of products
Groceries & related products
Housing (e.g., rent, mortgage, utility bills)
(e.g., home, vehicle, health)
Alcohol and tobacco Takeaway and restaurant meals
Health (e.g., dental, pharmaceutical)
Personal care (e.g., cosmetics, baby care)
Household (e.g., homeware, hardware)
Travel and tourism (e.g., air travel, hotels)
Automotive (e.g., vehicle’s parts)
Clothing, footwear and accessories
Media and entertainment (e.g., gaming, multimedia)
Consumer electronics (e.g., smartphones, laptops, tablet)
Communication (e.g., postal, telecommunication)
Sporting goods and equipment
Toys and games
Books and stationery
More than last year About the same as last year Less than last year
Note: Percentages may not add up to 100% due to rounding.
69% 67% 66% 61% 59% 59% 59% 57% 56% 56% 56% 56% 54% 52% 50% 50% 47% 25% 25% 24% 25% 28% 29% 31% 31% 30% 31% 31% 33% 33% 37% 36% 33% 39% 6% 8% 10% 14% 13% 13% 10% 12% 14% 13% 13% 12% 13% 11% 14% 17% 14%
Insurance
3
Over half of shoppers reported that they felt housing, groceries & related products and insurance prices were unfair
product pricing
Housing (e.g., rent, mortgage, utility bills)
Groceries & related products
Insurance (e.g., home, vehicle, health)
Health (e.g., dental, pharmaceutical)
Consumer electronics (e.g., smartphones, laptops, tablet)
Travel and tourism (e.g., air travel, hotels)
Alcohol and tobacco
Takeaway and restaurant meals
Clothing, footwear and accessories
Communication (e.g., postal, telecommunication)
Personal care (e.g., cosmetics, baby care)
Automotive (e.g., vehicle’s parts)
Media and entertainment (e.g., gaming, multimedia)
Household (e.g., homeware, hardware)
Toys and games
Sporting goods and equipment
Books and stationery
Percentages may not add up to 100% due to rounding.
Note:
4
of
58% 58% 57% 51% 45% 44% 43% 42% 42% 42% 42% 42% 40% 39% 35% 35% 35% 19% 15% 19% 20% 28% 28% 27% 27% 28% 31% 31% 31% 34% 35% 35% 35% 31% 23% 27% 23% 29% 27% 28% 30% 31% 30% 27% 27% 27% 26% 27% 29% 30% 34%
Fairness
Unfair Neither fair nor unfair Fair
The majority of shoppers reported that they spent more on housing, insurance and groceries & related products compared to the same time last year
Changes in spending
Housing (e.g., rent, mortgage, utility bills)
(e.g., home, vehicle, health)
Groceries & related products
Health (e.g., dental, pharmaceutical)
Takeaway and restaurant meals
Travel and tourism (e.g., air travel, hotels)
Personal care (e.g., cosmetics, baby care)
Media and entertainment (e.g., gaming, multimedia)
Communication (e.g., postal, telecommunication)
Household (e.g., homeware, hardware)
Clothing, footwear and accessories
Sporting goods and equipment Alcohol and tobacco Toys and games
Automotive (e.g., vehicle’s parts)
Consumer
smartphones, laptops, tablet)
Note: Percentages may not add up to 100% due to rounding.
62% 60% 57% 45% 41% 39% 38% 37% 36% 36% 35% 35% 35% 35% 33% 32% 30% 27% 29% 29% 36% 32% 35% 41% 42% 42% 41% 35% 45% 40% 44% 45% 43% 46% 12% 11% 13% 19% 27% 26% 21% 21% 22% 23% 29% 20% 25% 21% 21% 25% 24%
Insurance
electronics (e.g.,
Books and stationery More than last year About the same as last year Less than last year
5
62%
felt they spent more on housing (e.g., rent, mortgage, utility bills) compared to the same time last year
60%
felt they spent more on insurance (e.g., home, vehicle, health) compared to the same time last year
57%
felt they spent more on groceries & related products compared to the same time last year
6
The majority of shoppers reported deferring purchases until sales or special deals more than at the same time last year
Hold off / defer purchases until sales or special deals
52% 40% 8% 54% 36% 10% 58% 34% 8% 7 Percentages may not add up to 100% due to rounding.
42% 37% 37% 32% 30% 44% 52% 51% 54% 62% 14% 11% 12% 14% 8%
pre-owned
for
that are locally
quality
fast and disposable
for environmentally friendly/ sustainable
Shop with
give back/ support the community More than last year About the same Less than last year
Shop for
/ second-hand product(s) Shop
product(s)
produced Shop for
product(s) (versus
goods) Shop
product(s)
companies that
Changes in spending habits Hold off / defer purchases indefinitely Shop for lower priced brands/versions of usually bought product(s)
We asked Australians if and how they save their money. We found that 82% of Australians save at least some portion of their monthly household income:
use traditional savings bank accounts 71% use high interest savings bank accounts 28% invest in shares 24% use fixed interest investments 19% use physical cash 20%
AUSTRALIAN CONSUMER & RETAIL STUDIES Monash Business School Level 6, Building S 26 Sir John Monash Drive Caulfield East VIC 3145 T: +61 9903 2869 E: acrs@monash.edu W: monash.edu/business/acrs