- Aussie households will fork out over 30 per cent more for the classic BBQ
- Half of Aussies have cut back on dining out due to cost of living increases.
SYDNEY, 24 January 2024: Cost of living increases mean families in Australia are facing up to a 32 per cent increase in the cost of a true blue Australia Day BBQ this year, according to data from trading and investing platform eToro.
To determine the increased cost, eToro conducted an analysis of a popular supermarket’s prices and found that a typical Aussie barbecue meal of meat and prawn skewers alongside burgers, sausages and salad will cost at least $81.89 for a family of four*. In January 2023, the same meal was estimated to cost a total of $62.26.
Josh Gilbert, Market Analyst at eToro, said: “Inflation has had a huge impact on Aussies in the last 18 months, and that is evident in the significant jump in costs for whipping up a BBQ. This feels like a sucker punch for the average Australian, especially as decade-high interest rates continue to eat into household budgets.”
According to new research from trading and investing platform eToro, the cost of living is weighing on Aussies. When asked about the impact it’s having on their life, Aussies were most likely to say it’s denting their savings (45 per cent) and spending habits (29 per cent). However, the data revealed the cost of living was not a limiting factor for wage growth, with 90 per cent indicating it did not have an impact on the size of their pay packet.
When it comes to the cost of living, 1 in 2 Aussies (50 per cent) are limiting dining out, while a third (33 per cent) are cutting out clothes shopping, and 18 per cent are scaling back their investing contributions (18 per cent).
However, the data also shows that many Aussies are unwilling to let the cost of living dampen their fun this summer season, with more choosing to cut back on household essentials (27 per cent) rather than cancel streaming and entertainment services (20 per cent) or forgo alcohol (19 per cent).
Josh Gilbert, Market Analyst at eToro, said: “After the pandemic, consumers aren’t willing to let inflation spoil their fun, especially when Australia boasts an enviable lifestyle. With inflation significantly easing from its peak, and interest rate cuts in view mid-2024, Aussies may begin to see some relief, but unfortunately, summer 2024 is going to cost you more.”
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