Consumers have had to make choices in recent times.
Housing purchase, rent and utilities have become more expensive; some goods and services like cars, mobile phones & internet, furniture and TVs have become cheaper or more affordable, especially via a stronger currency; and real incomes have risen, giving consumers more choice.
Aussies have cut back (volume share down) on housing (share accommodation) and utilities but because of higher costs these items are still taking bigger shares of budgets. Consumers are saving more on car purchase, household goods and furnishings, but they aren’t buying more, preferring to channel the savings to services. Education services, health services, insurance & financial services and sporting services like fitness classes are the big winners.
The biggest losers – that is, the categories taking a smaller share of household budgets – are gambling, clothing, purchase of cars, household goods and even spending at cafes and restaurants.
To read the full report, click here.
12 June 2012