Grocery affordability hits crisis point for households

The burden of grocery expenses on Australian households has surged, with findings from Finder revealing a distressing trend.

According to the latest data from Finder’s Consumer Sentiment Tracker, a staggering 42% of Australians, equivalent to 3.9 million households, cite their grocery bill as a significant financial stressor. This marks a substantial increase from 26% or 2.4 million households, reported just two years ago.

Amid this concerning rise in financial strain, a new survey conducted by Finder unveils that 92% of Australians have adopted various shopping tactics to alleviate the pressure on their wallets. The survey, comprising 1,002 respondents, indicates a widespread effort to save money at the checkout counter.

Kitchen essentials

The research highlights that over half of the shoppers (53%) resort to bulk buying kitchen essentials to cut costs, while 61% of respondents, equivalent to 5.6 million households, opt for visiting multiple grocery stores to seek better deals. Additionally, more than one-third (38%) of shoppers utilise coupons to secure discounts.

Graham Cooke, head of consumer research at Finder, underscored the dire situation faced by millions of Australians, stating, “Many are struggling to afford the bare necessities and don’t want to pay more than they need to for food.” Cooke emphasised that the current cost of living crisis is exacerbating financial pressures on households, leading to heightened stress levels.

Year to year

The average weekly expenditure on groceries per Australian household in January reached $188, marking a $10 increase from figures reported two years prior.

This translates to a substantial $520 hike in annual grocery spending per household, totaling a staggering $4.8 billion nationwide across Australia’s 9.275 million households.

Cooke advised consumers to exercise caution and explore options to mitigate expenses.

He suggested strategies such as reducing the frequency of grocery trips to minimise impulse purchases, opting for generic brands where feasible, and leveraging online shopping apps offered by major supermarkets to compare prices effectively.

As Australians grapple with the escalating costs of living, the findings underscore the urgent need for households to adopt savvy shopping practices to navigate the grocery affordability crisis effectively.