How Australians Spend Their Money

So how much does the average Australian spend in a year? MoneySmart.au estimates that the average household in the country spent $74,301 in 2016.  With the flow of advancement, Aussies spent more on meals and foods than electricity and transport. According to the country’s bureau of statistics, the average weekly spending in Australia on restaurants and takeaways is $95.05. Household and variety stores have the highest earnings of 30.1% through online sales. Among all household kinds of stuff, apparels are the most popular category bringing strong growth of 3.2% to over $7.3 billion. 

 

Food and eatables will exponentially exceed by 3.7% to nearly $21 billion. A significant change is monitored from the year 2017 to 2018 in the health care sector, media and telecoms, and accommodation with an increase from 3.4% to 5.0%, 2.5% to 4.7%, and 12.7% to 14.9% respectively. Electricity is on the 13th level of the budget with a weekly cost of $35.05, gas and other useful fuels were at the bottom with average weekly expenses in Australia of just dollars 14. 

Many sections of household expenses are emerging towards change which includes bakery products, mobile phones, animal expenses, personal care, and books and newspapers. Mentioning some facts, houses in Australia are obliged to spend $13 on animal expenses, $18 on child care, $17 on mobile phones, and others on a monthly basis. As things are now easily available on the websites and then the next moment on the door, the utilization of modernization has commenced.  

 

Mentioning some resourceful stats of individual Australian districts weekly spending below:

ACT has been more concerned with health care as they spent $13.73 each week on dental expenses. Among others, ACT AND NT are leading with the higher expenses of $1,536 and $1,500 on weekly living respectively.

 

How Australians spend their money varies according to age groups and finances. Talking about accommodation, couples spent $458 while kids were charged $359. Transportation costs $97 for people living alone while $309 for a family. A family is expected to spend $104 on Medical & health expenses and $64 on apparel and style monthly. This data shows that there is a major gap between the expenditures when considering the family size. Families with children have higher average spending on food per week in Australia with $1,748 which is more than the national average. In contrast, lone persons above 65 years have considerably much lower weekly expenditure. This data is when products and services are availed without any discounts or coupons. 

The vital significance and respective merits of the e-commerce industry are revolving worldwide. It has evolved the sense and tradition of shopping, trade, and business. From the prior months of 2019, the consummated revenue generated from the Australian e-commerce sector has amounted to US$21,546 million. This ratio contributes to the 1.80% share of the country’s GDP. 

 

This increasing user penetration in e-commerce will soon steadily hit 75.3% making Australia rank on the 16th and 13th division in logistics performance index and business index respectively. This will cause a commendable benefit to the businesses as retail e-commerce sales will elevate to $16 billion by 2022. Meanwhile, the number of users in eCommerce is expected to touch 20.7 million by 2025.

 

 

Fashion, clothing, and beauty sector makes up the majority of online sales. Quoting a survey for the shares in the revenue of online shopping of which 3.2% of household services, 3.1% of clothing and beauty, and 3.3% of education. A steep and accelerated growth in e-commerce sales was recorded from 2013 to 2017 with sales of $32.76 billion. 

 

An increase in the online sales of the media and fashion sector by 14% is reported. Australians prefer to use mobile and laptops for online shopping and ordering as the majority of the online websites are mobile optimized. People can shop according to their flexible times and dates, hence accounting for a 7% growth rate.

    

According to a survey of ING, a mammoth amount of online spending of $492.77 per person is totaled. Due to an increase of 8% in tech-freaks, 9.46 million Australians have switched to shopping online. With the statistical report of 2017, 11.1% of Aussies spent the majority of earnings on online entertainment and leisure. Total online sales remain dominated by electronic gadgets, travel equipment and accessories, beauty, and health care. Fashion is contributing 9.2%, Health & Beauty 21.3%, Automotive 25.1%, and Home & Garden 22.0% of total online sales in Australia.