‘A war of attrition’: How shoppers are reprioritising discretionary spending

More Australians from both higher and low-income levels have been delaying purchasing a product amid cost-of-living pressures, research shows.

Fifty-eight per cent of higher-income earners and 56 per cent of low-income earners have delayed buying a product, according to Mediahub’s The New Value Economy study.

Moreover, 40 per cent of high-income earners and 51 per cent of low-income earners opted to skip the purchase of a product altogether due to inflation.

During the past year, 45 per cent of Australians have purchased groceries less regularly.

The research also showed that 53 per cent of Australians said that ‘value for money’ is the most important factor when choosing a brand or product.

The study added that while Australians continue to have the most optimistic outlook, they are also feeling anxious and less secure in the current environment.

“Understanding consumer behaviour and discretionary spend across retail categories, across income levels and consumer life stage segments is imperative for brand survival in the face of a worsening economic downturn,” said Linda Fagerlund, chief strategy officer at Mediahub ANZ.

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