This comes as new research in partnership between Suncorp Bank and OzHarvest revealed 47% of Australians are unable to afford to fill their trolley with groceries.
Suncorp Bank’s Cost of Food Report detailed Gen Z has struggled to meet surging grocery prices the most across all age demographics in the past 12 months, with Aussies spending between $100 and $500 on groceries each week.
To help save, 50% of all millennials have sacrificed the luxury of dining out, while 40% have switched grocery brands in their shop.
Suncorp Bank Executive General Manager Everyday Banking Nick Fernando said Gen Z had been hit the hardest by increasing costs in the past 12 months.
“It’s been a tough year, with the rising cost-of-living challenging many people,” Mr Fernando said.
“It would come as no surprise that four in five people are actively trying to reduce their food costs with younger generations making the biggest effort to curb spending.
“While two in five people told us they have stopped dining out to save money, that number rises to one in two for Millennials.
“To help save money, shoppers have switched to cheaper brands during their regular shop, while half of those surveyed admit to eating the same meal, multiple days in a row.”
CommBank’s latest Cost of Living report echoes Suncorp’s data, with Millennials aged 30 to 34 experiencing the greatest cost of living pain, generating the highest cost of living pressure score.
Further, ABS Living Cost Index (LCI) to the March quarter revealed on an annual scale, employees are the hardest hit by cost of living pressures at a rate of 9.6%.
To the March quarter, the LCI detailed bar interest rates, food is the key contributor to the significant annual cost of living increase for employed Australians, increasing 7.9%.
What are Aussies spending the most on at the checkout?
Suncorp Bank’s Cost of Food Report revealed the top grocery expenses across all demographics are:
- Meat and seafood
- Fresh fruit and vegetables
- Milk and butter
- Packaged food
- Bread and bakery items
Further, Suncorp revealed Gen Z spends less of their grocery budget on meat and seafood while Baby Boomers spend the most.
Image by Dainis Graveris via Unsplash
Denise Raward
Harry O'Sullivan
William Jolly
