New data reveals a 1.01% month-on-month decrease in daily average spending, moving from $61.14 to $60.52.
Sydney, Australia – Sydney, Australia – Beforepay, Australia's leading ethical fintech company, has just released its Cost of Living Index for October 2023. The new data reveals a 1.01% month-on-month decrease in daily average spending, moving from $61.14 to $60.52. This marks the third consecutive month of decrease in daily average spending for Australians. Year-on-year comparison shows a 1.24% increase from $59.78 in October 2022.
Month-on-month spending was down across most key categories as Australians continue to adjust to cost of living pressures. The drop was most notable across discretionary spending categories, with the most significant decrease in fitness and health. Average daily figures have changed by 4.28%, now at $2.46, from $2.57.
The data also showed a 2.36% month-on-month decrease in daily average spending for durable shopping, with the category now standing at $6.61 from $6.77, and a 1.79% drop in entertainment and leisure to $3.29 from $3.39.
The October 2023 Cost of Living Index showed a month-on-month decrease in daily average spending to $60.52 from $61.14 in September.
Among non-discretionary categories, the daily average spending for utilities dropped 2.42% to $6.06 from $6.21, as consumers navigate the ongoing changes to utility costs.
Australians spent slightly less on petrol in October, with the daily average spending in the category dropping 1.45% to $8.18 from $8.30.
Only grocery and shopping expenses increased, although only slightly, at 0.59% and 0.14% respectively. The change saw groceries increase to $15.43 from $15.34 and shopping to $7.37 from $7.36.
"Beforepay's Cost of Living Index for October 2023 highlights a 1.01% decrease in daily average spending, underscoring the persistent challenges Australians face in managing their expenses,” said Jamie Twiss, CEO of Beforepay.
“It's evident that many are actively adapting to the current cost of living pressures. This data reinforces the need for consumers to proactively review their budgets and make necessary adjustments, particularly in the face of rising utility costs and fluctuating petrol prices."
The October 2023 Cost of Living Index is based on a comprehensive insights involving over 372,450 Australians. It covers a wide range of household expenses, from utilities and groceries to discretionary spending like shopping and leisure activities.
Fitness and health saw the most significant decrease in October 2023, down 4.28% to $2.46 from $2.57 in September 2023.
About Beforepay
The Beforepay Cost of Living Index shows the average daily spend of Beforepay registered users across multiple household expense categories. As of June 2023, the average annual individual Beforepay customer gross income was $60,469 (counting only the main source of income) with a broadly representative geographic and gender breakdown. The data may vary depending on the main bank account linked with Beforepay. To the maximum extent permitted by law, Beforepay and its related bodies corporate, make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this article and do not accept any liability for any loss whatsoever arising from the use of this article or its contents or otherwise arising in connection with it.
For more information about the Cost of Living Index visit the Beforepay website here.
Contact Information: mediaenquiries@beforepay.com.au
