Nine in 10 Aussies plan to cut spending this year, finds survey
To curb spending amidst a cost-of-living crisis, about 91 per cent of Australian consumers in a new study say they are making changes to their buying behaviour.
Research by CouriersPlease found that about 55 per cent of respondents revealed they will research and compare prices before purchasing for the remainder of the year.
About 54 per cent said they will buy items more often during sales periods while 48 per cent will choose to buy items from cheap brands.
Meanwhile, younger people aged 15-24 years, are more likely to cut back on spending since they spend more than 30 per cent of their gross weekly income on housing.
The research also highlighted “substantial” gender disparities in the adoption of value-hunting strategies with 62 per cent of women respondents saying they are more likely to make use of sales periods, compared to 46 per cent of men.
CouriersPlease CEO, Richard Thame, said the data supports that Australians are “feeling the pinch” at the moment and are becoming increasingly “price-conscious” and “value-driven”.
“This doesn’t need to be limited to offering competitive product pricing, retailers should also offer a range of shipping and delivery options, to help separate their business from the competition.”