During the past year, 45 per cent of Australians have purchased groceries less regularly, according to new research from Mediahub, which looks at consumer spending habits in the wake of the cost-of-living crisis.
The research showed that 53 per cent of Australians said that ‘value for money’ is the most important factor when choosing a brand or product.
Furthermore, more Australians from both higher and low-income levels have been delaying purchasing a product amid cost-of-living pressures: 58 per cent of higher-income earners and 56 per cent of low-income earners, according to Mediahub’s The New Value Economy study.
Skipping purchases altogether to save money is also prevalent: 40 per cent of high-income earners and 51 per cent of low-income earners have opted to during the past year, the study found.
Linda Fagerlund, chief strategy officer at Mediahub ANZ, said that while Australians continue to have an optimistic outlook, they are feeling anxious and less secure in the current economic environment.
“Understanding consumer behaviour and discretionary spending across retail categories, across income levels and consumer life stage segments is imperative for brand survival in the face of a worsening economic downturn,” she said.
