The new data, which includes Black Friday spending, reveals a 2.8% month-on-month increase in daily average spending, moving from $60.52 to $62.23.
Sydney, Australia – Beforepay, Australia's leading ethical fintech company, has just released its Cost of Living Index for November 2023. The new data, which includes Black Friday spending, reveals a 2.8% month-on-month increase in daily average spending, moving from $60.52 to $62.23. This marks the second consecutive month of increase in daily spending for Australians. A year-on-year comparison shows a 2.9% increase from $60.48 in November 2022.
Shopping for consumables increased by 9.36% from $7.37 to $8.06, while durable goods also saw an increase of 8.93%, moving from $6.61 to $7.20 per day in average spend. This uptick is likely attributed to Black Friday and Cyber Monday discounts both in physical stores and online platforms.
Other spend categories also saw an uptick in spending. Fitness and health has increased by 4.88% from $2.46 to $2.58 while petrol and auto has increased by 2.81% from $8.18 to $8.41.
The November 2023 Beforepay Cost of Living Index showed a 2.8% increase in average daily spend from $60.52 in October to $62.23 in November.
While petrol and auto costs showed a steady decline in September and October, the upturn observed in November is likely attributed to increased expenses in ancillary services such as vehicle parts and servicing.
Daily spend on utilities has also experienced a 4.62% increase, climbing from $6.06 to $6.34 month-on-month. This could reflect a seasonal increase in energy usage, expected to continue towards the end of spring and the beginning of summer as temperatures increase and air conditioning usage rises.
Spending on groceries and food and drink remained relatively stable month to month.
"We’re seeing normal seasonal patterns emerge, as consumers spend more in the run-up to the holidays," said Jamie Twiss, CEO of Beforepay. “It’s a fun time of year, but it can be a difficult time for Australians, when the opportunity to overspend presents itself.”
The November 2023 Cost of Living Index is based on a comprehensive survey involving over 350,000 Australians. It covers a wide range of household expenses, from utilities and discretionary spending like shopping and leisure activities.
Shopping for consumables increased by 9.36% from $7.37 to $8.06 from October to November 2023, according to new data from the November 2023 Beforepay Cost of Living Index.
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
