Online spending sees uptick as consumer confidence improves
Australians spent nearly $200 more online last year compared with 2022, according to data from global financial platform Airwallex.
The country’s estimated digital spend per adult rose from $5863 in 2022 to $6055 in 2023, the Airwallex Digital Economy Index shows.
Airwallex Australia and New Zealand MD Luke Latham described it as a “strong uptick” in per-person spending, adding Australia’s digital economy finished the year in a “solid position”.
Australians appeared to be relaxing a little after a year of spending restraint in the face of cost-of-living pressures, Latham commented.
“With e-commerce, travel and financial and insurance spending driving the increases, it’s clear Aussies are letting their hair down a bit while also making sure they’re investing for a rainy day.”
By state, Queensland, Tasmania and Western Australia recorded increases of $97-$432 in digital spend per adult.
Meanwhile, NSW, Victoria and South Australia saw declines in per person spending, which Latham attributed to mortgage increases and inflation.
He added that businesses with established online strategies would be well-placed to make the most of the return of consumer confidence in regions where spending is trending upward.