How Australians are Changing their Spending and Retail Habits

Cost-of-living pressures in Australia are leading to widespread financial pessimism among consumers and retailers.

The Westpac Melbourne Institute Consumer Sentiment Index shows a continued two-year decline in consumer confidence, while retail insolvencies have doubled in the same period.

Research from Monash University reveals Australians are spending more on essentials like housing, groceries, and insurance, while cutting back on discretionary items.

Many perceive these rising costs as unfair, with over half of consumers feeling groceries, housing, and insurance are overpriced.

Shoppers are delaying big-ticket purchases and opting for lower-priced or second-hand goods, while 82% are managing to save at least some income despite rising costs.

The ongoing financial strain is reshaping spending and saving behaviors across the country.

Full Article: How Australians are changing their spending and retail habits – Monash Lens