Aussies are spending billions in an attempt to lose weight

Aussies are spending billions of dollars on weight-loss supplements and gym memberships in order to beat the winter bulge.

With spring just around the corner, a lot of people are looking to shed some of the excess fat around their waistline – and this comes at a cost.

A new study conducted by IBISWorld has found that the average Aussie will fork out $114 in 2012-13 in an attempt to lose a few pounds and the total spend over this period will amount to a staggering $2.5 billion.

It seems that people are more concerned about their appearance than the amount of money in their bank accounts and leaders at the organisation believe this is a sign of things to come. Researchers have predicted that up to $3 billion will be spent on weight loss measures in 2017-18.

According to IBISWorld general manager Karen Dobie, this is not a bad thing, as obesity is becoming a growing problem down under.

Recent figures released by the Australian Bureau of Statistics showed that 60 per cent of the country is either overweight or obese and this is rising.

"More Aussies are thus seeking the assistance of professionals and products – forking out big dollars to get their health and weight under control," Ms Dobie remarked.

Unsurprisingly, fitness centre memberships account for a huge portion of Aussies' costs and around $1.7 billion will be spent at gyms up and down the country in the coming year.

Ms Dobie also revealed that people aged between 25 and 44 make up 60 per cent of the fitness industry's market. She added that younger people perhaps have more spare money to spend on a weight loss regime.

"The transition into the mid-20s tends to see disposable income increase, creating greater scope for spending on fitness compared with those in their early 20s and younger," she commented, before adding that a drop-off in participation sport uptake among people in their mid-20s means they are more likely to visit gyms and use personal trainers.

Have a question about bank accounts? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801421161-ADNFCR