As prices rise on everything from groceries and delivery services, to furniture and haircuts, consumers are putting off big purchases and finding savvy ways to save money | angus_dalton lachieabbott
Young couple Jess Brooker and Rhiannon Earl were just managing a biting rent increase and red-hot inflation when disaster struck on the ice.
Dinners gleaned from the clearance shelves of Woolworths are eaten on the couch; they’ve put off buying dining chairs for their apartment. NAB chief executive Ross McEwan said consumers were ditching lockdown-era habits such as food delivery services in favour of going into stores and hunting for deals. About 40 per cent of the bank’s customers had teed up a budget in reaction to rising food, electricity and petrol prices.
The latest retail figures from the ABS showed turnover growth has started to plateau. Retail spending has jumped by 7.2 per cent since December 2021, but June brought a meek 0.2 per cent growth. The years leading up to the pandemic were dubbed the “lost decade” of income growth for under-35s after income dipped 0.6 per cent for those aged between 25 and 24, and 1.6 per cent for those aged 15 to 24.
Cameron D’Abico has ditched trips to the hairdresser and picked up the clippers himself to save money. The automotive electrician now cuts his own hair, and that of his eight-year-old son, Caden, at home.
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