Australia’s rising cost of living is impacting consumer spending, according to Toluna’s latest Global Consumer Barometer Study. The increased cost of groceries is forcing Australian shoppers to make changes to their weekly shop including dropping their favourite brands in favour of generic ones, shopping around to find the best deals, and buying in bulk to save money.
Reducing social activities such as eating out, as well as finding ways to reduce energy consumption, are some of the other ways Australian households will be trying to cut back on spending.
The rising cost of living is having an impact on the way two thirds (63%) of Australians are spending their money. The increased cost of groceries is causing the most disruption, with 80% of Australians stating they’re being impacted by the rising cost of grocery items.
Australian shoppers have particularly noticed the rising cost of fresh food (79%), as well as frozen food (62%), tea and coffee (62%), dry pantry food such as biscuits, pasta, (60%), household cleaning items (59%), bakery goods (59%), health and beauty products (52%), soft drinks (48%), pet care (46%), and alcohol (43%).
Over coming months, Australian shoppers plan to change their shopping behaviours to help combat grocery price hikes, such as changing the brands they normally buy (29%), buying more generic brands (28%) and shopping around in search of value (27%).
When it comes to purchasing decisions at the supermarket, price is by far the most important factor for most Australian shoppers (72%), followed by quality (68%) and health (62%), with brand loyalty nearing the bottom of the list.