Young Aussies continue to slash spending, but still travelling
Most young Australians are worried about the rising cost of living, new research from Advertising Week APAC (AWAPAC) shows.
Its findings suggest that a whopping 96% are worried.
Wherever you turn your head, the dollar signs are spinning, and essential food items have suddenly become a luxury. Broccoli is $6 a kilo, a head of lettuce retails for $10, and a carton of eggs can cost you more than $5.
Side note: While everything has grown more expensive, the avocados Boomers are notorious for mocking younger generations for having, are now considered an affordable grocery staple.
Now 40% of Australians are cutting back from their lifestyle to keep up with expenses.
AWAPAC found that Aussies are looking to reduce spending at restaurants (63%) and local cafes (61%), many saying goodbye to smashed avo brekkies.
As the budget tightens, AWAPAC says that 34% of Aussies are also looking to cut back on subscription services like Netflix and Stan.
Related: Whats coming to Netflix this month
“We’re seeing the start of a real shift away from streaming giants as consumers look for ways to save in a tightening economy. While the big players like Netflix are increasing monthly subscription fees and introducing ads, consumers are evaluating where they want to get their entertainment from,” says Advertising Week’s global president, Ruth Mortimer.
Even with people looking to become more frugal, 37% of Australians are still saving to have holidays abroad.
In fact, in the last few months, international travel has increased. In April 2022, there were 1.2 million international border crossings in and out of Australia, a significant increase from 710,000 crossings in March 2022.
This makes sense since post-lockdowns, people have become keener to pay for experiences than material goods.
If you’re worried about saving money or need tips on how to do so, check out our savings guides.