How Aussies are spending an extra $1924 a year more on groceries as the soaring cost of living bites… but here’s how you can save at the supermarket
- Research finds Aussies are spending far more on groceries
- Households are paying $1924 more compared to last year
- It equates to $37 extra per week or a 25 per cent increase
Australian families are spending $1924 more on their groceries compared to last year as the country’s cost of living crisis continues to spiral.
The steep increase was revealed in a recent survey of more than 1000 households by the comparison website Finder.
The average household now spends $185 per week on groceries, which was $37 more than in February 2022.
That figure equates to a 25 per cent increase in the weekly grocery shop, totally $18.8billion nationally.
The Project’s Steve Price said on Monday night’s episode that everyday Aussies are feeling the pinch.
‘I just don’t know how families who’ve got three or four kids are actually coping,’ he said.
Australian households are spending almost $2000 a year more on groceries on average compared to last year (stock image)
‘Everything’s gone up. I guess people are buying cheaper cuts of meat or using leftovers to serve up for lunch the next day.’
He added that it was ‘very hard for people’ when you factor in increases in mortgage repayments, rates, power bills and petrol.
Co-host Waleed Aly referred to a recent report that explained how supermarkets were among a list of businesses contributing to inflation through ‘price gouging’.
‘They’re taking advantage of the inflationary environment to charge more than they do because of the extra costs they’re getting,’ he said.
‘I think the government needs to form a view on that.’
Exactly 43 per cent of households listed groceries as one of their top three most stressful expenses, Finder survey found.
Research from Finder discovered that households were coughing up $37 more on their weekly groceries, which is a 25 per cent increase from February 2022 (stock image)
Almost half of all households surveyed listed groceries as one of their top three most stressful expenses (stock image)
The report also reveals millennials are spending more than other generations. Their weekly spend is $197, compared with $149 for baby boomers, $187 for gen Xers and $186 for generation Z.
Money expert at Finder, Sarah Megginson, said households are facing some ‘very tough times’ as escalating grocery costs become a massive extra burden.
‘Aussies are having to change how and where they shop just to keep food on the table,’ she said.
Those living in Western Australia have witnessed the sharpest jump in their weekly grocery bills, which have risen by more than a third, while NSW residents are coughing up more than any other state.
Money expert at Finder, Sarah Megginson, recommended families stick to a shopping list, shop late at night and stock up on staple items when they’re on sale to save money (stock image)
But there are several ways families can save money on their weekly grocery shop.
Ms Megginson recommended sticking to a shopping list so you’re not ‘wasting money on unplanned purchases’, shopping late at night when meat and poultry is discounted by up to 80 per cent and signing up to a supermarket’s rewards program.
She suggested households also ‘stock up on staples when they’re on sale and compare prices of big-ticket items like washing detergent and pet food online’.
Other ways households can save could be through buying frozen or tinned food, buying store brands and avoiding speciality ingredients.
The price for groceries has increased by almost 10 per cent over the past year.
Australia’s National Food Supply Chain Alliance forecasts an 8 per cent increase throughout 2023.
How to save money at the supermarket amid cost of living crisis
1. Shop at night
2. Buy in bulk
3. Buy frozen or tinned
4. Find a co-op or farmer’s market
5. Go to specialty stores as they are closer with suppliers, typically
6. Choose imperfect foods
7. Buy store brands
8. Buy based on the season
9. Cut back on meat
10. Avoid specialty ingredients
11. If you don’t like it, return it
12. Get discounted supermarket gift cards