Thursday 07 September 2017
Aussies are more likely to splash their cash on a hot coffee than a cold beer, according to Mozo’s 2017 Cost of Lifestyle Report.
The report revealed that our annual spend on coffee is set to top $5.9 billion in 2017, fractionally outdoing the $5.8 billion we’re going to outlay on drinks at the pub or bar.
“It is almost un-Australian to think we’d prefer a cappuccino to a chardy or a VB but this is the second year in a row that our report says we’ll spend more money on coffee than alcohol while we’re out,” said Mozo Director, Kirsty Lamont.
While coffee is our drink of choice, the great Australian beverage battle is tighter than it has been in previous years.
Our caffeine-addiction will cost us $500 million less than it did in 2016 while our liqueur-related spending is set to increase by $800 million creating a nationwide difference of just $8.4 million a month.
Bridging the gap between our two most popular refreshments are young Aussies who are far more likely to part with their cash for booze than their older counterparts.
The report showed that the majority of younger Aussies have some alcohol-related expenses compared to just 3 in 10 over the age of 55.
Comparatively, and in stark contradiction to social belief, millennials are not solely responsible for our nation’s coffee costs. The research showed that Aussies over the age of 55 were more likely to spend up to $49 a month on coffee than those in the 18-34 age bracket.
The two categories both ranked in Australia’s top 10 lifestyle expenses, making up a substantial part of the $145 billion country-wide drain our lifestyles have over our finances. But for Lamont this presents an opportunity to make some serious savings.
“From a personal finance point-of-view, this is great news. By cutting out coffee and alcohol costs, the average Aussie could be saving in excess of $600 a year,” said Lamont.
For a full breakdown of the Mozo’s Cost of Lifestyle report, see our Key Findings Report.
Want to curb your coffee-enthusiasm or take control of your alcohol expenditure? Head to Mozo’s budget calculator and Family Finance hub for tips and tricks to make your money go that little bit further.
Data based on nationally representative survey of 1002 Australians aged 18 years and above conducted by Pureprofile between 6 – 12 June 2017. Respondents were asked about spending habits for 30 common lifestyle expenses.
Note: Numbers have been rounded.