Now they tell us: Shoeys and goons costing us hundreds each month, study finds
Shoeys, “goons of fortune” and general binge drinking: Australian alcohol culture is costing the average beverage enjoyer hundreds of dollars a month, even as broader financial pressures mount.
A survey of 1000 people by price comparison site Compare the Market found Australians on average spend about $300 on alcoholic drinks every month.
But certain demographics are likely to splash out even more.
For Queenslanders, alcohol spending balloons to $370 a month while millennials spend almost twice as much as average Australians, shelling out $445 per month.
Compare the Market spokesperson Chris Ford says cutting down on alcoholic beverages could supercharge savings during the cost-of-living crisis.
“Simply giving up the drinks for a month could save people almost $300 a month, which can be one or maybe two grocery shops in a month, or even a quarterly electricity bill all done and dusted,” he said.
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“With the start of the new year nearly upon us, it’s the perfect time to get your finances ready so that you can kickstart your savings.”
Despite the looming holiday season, general spending fell in November.
According to Visa Business Economic Insights, discretionary, non-discretionary, fuel and restaurant spending was subdued, and the Spending Momentum Index fell 1.3 points.
In particular, Australians cut back on dining out as inflation for meals out and takeaway recorded as 8.8 per cent year-on-year in the third quarter of 2023.
Food and non-alcoholic beverage inflation decelerated, falling 3.1 percentage points to 6 per cent year-on-year, providing greater resilience in grocery spending.
