Sydney, Australia – New data from the latest Beforepay Cost of Living Index revealed the average Australian spent $66 on Christmas shopping in December 2023. This is up from $62 in 2022 and $49 in 2021. The holiday spend is calculated as the increase in shopping spend between November and December, adjusted for length of month.
The increased holiday spending was made possible by reductions in petrol and utility costs in December. The average Australian saved $24 on petrol, auto, and utility spending in the month, more than making up for the cost. Petrol and auto expenses decreased by 5.47% from $8.41 to $7.95. Utility expenses also saw a decrease of 5.05% from $6.34 to $6.02, continuing a month-on-month trend observed in previous years.
The daily average spend across all key spending categories rose 3.95% month-on-month from $62.34 in November to $64.69 in December. The month-on-month rise is a slight increase compared to the same period last year when the figure rose from $60.48 to $62.02 between November and December 2022.
The December 2023 Beforepay Cost of Living Index showed a 3.95% increase in average daily spend from $62.23 in November to $64.69 in December.
Daily average spending on shopping surged by 26.43% from $8.06 to $10.19, aligning with the traditional year-end gift-giving and December sales. The increase was also seen in durable goods spending, up 8.53% month-on-month from $2.58 to $2.80.
Entertainment and leisure spending increased by 8.21% month-on-month from $3.29 to $3.56 as Australia entered the holiday season. Meanwhile, food and drink expenses were up only 2.26%, from $11.07 to $11.32, and groceries by 0.98%, from $15.28 to $15.43. These figures suggest that while socialising and festive dining were popular, consumers remained mindful of their spending.
Jamie Twiss, CEO of Beforepay, commented on the latest data from the Beforepay Cost of Living Index, stating, "The December Cost of Living Index highlights the adaptability of consumers. Even in a traditionally high-spending period, Australians are balancing their holiday spending and finding savings elsewhere to offset it. The decrease in petrol and utilities spending came at exactly the right time.”
The December 2023 Beforepay Cost of Living Index provides a comprehensive view of consumer spending trends during a key period of the year, offering valuable insights into the behaviours and preferences of Australian consumers.
New data from the Beforepay Cost of Living Index shows an increase in shopping expenses over Christmas, while other categories remained flat or decreased slightly.
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: https://blog.beforepay.com.au/tag/cost-of-living-index
Contact Information: mediaenquiries@beforepay.com.au
