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Twelve Million Aussies are Concerned About Rising Grocery Prices

Learn what impact rising food prices are having on average Australians and what they intend to do about it
Published on April 20th, 2022
  Written by 
Adrian Edlington
Adrian Edlington is PR & Communications Manager at Savvy. With a keen interest in personal finance, car loans, the mortgage industry, cost of living pressures, electric vehicles and renewable technology, Adrian's research includes conducting primary data surveys and analysis of up-to-the-minute secondary Australian data sources. His work on behalf of Savvy has been featured on ABC.net.au The Conversation, the Sydney Morning Herald, AFR, News.com.au, The Age, Herald Sun, Adelaide Now, SBS On The Money, 7News, Car Expert, Which Car, Drive.com.au and more. In his spare time, Adrian enjoys mountain biking and business podcasts.
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   Commentary by 
Bill Tsouvalas

Guest Contributor

Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Savvy's 2022 survey of 1005 Aussies learns how inflation and increasing grocery prices are affecting the cost of living in Australia.

  • 62% of Australians are concerned about increases in the price of food and groceries
  • 31.1% said they spend over $100 per person per week
  • 48% said they will simply buy fewer groceries if inflation continues to rise
  • 56% intent to switch to cheaper brands

A new survey of 1,005 Australians commissioned by Savvy shows that 62% of respondents, or twelve million Australians when extrapolated to the entire adult population, are concerned about rising grocery prices as part of their weekly recurring expenses.

groceries-Rising grocery prices infographic Australia 2022
Grocery price rise table

Weekly spends already high

The survey revealed that 31.1% said they spend over $100, which could mean 6.05 million Australians are spending over $100 per person each week on groceries.

26% of those surveyed already spend between $76-$100 per week on groceries, or 5.1 million Australians if generalised to the entire adult population. The median spend seems to be $51-$75, with 29% reporting within that band.

When it came to which age groups were most concerned about the cost of groceries, people aged 35 and over were more heavily represented, quite possibly due to family commitments, while older age groups would often be living on reduced incomes.

Number of people concerned about Grocery price increases
Weekly grocery spend per household

Bill Tsouvalas, Savvy Managing Director & home finance expert;

“The increase in food prices is spurred on by ongoing supply chain issues, the recent floods in New South Wales and Queensland, and flow-on effects from global conflicts,” says CEO of Savvy Bill Tsouvalas.“Higher fuel prices cascade into food prices, especially when much of our supply chain is dependent on trucks. Energy prices, which have been high for many years, also don’t help the situation. Families will need to budget for the increase in food prices as well as any shocks in the system such as the inevitable increase in the RBA cash rate, typically used to combat rising inflation.”

Tightening belts

As for what families will do in the face of rising grocery prices, 48% said they’ll simply “buy less,” and 56% will change to cheaper brands. 54% will be more judicious with their grocery shop, only shopping during clearances or buying on-sale items. Some may consider putting more and more on the credit card or even pay-day loans. The problem becomes that people are paying off multiple high interest commitments at the same time. An alternative is to consolidate these with a single lower interest personal loan, which cal allow people to get on top of their debts. 

Interestingly, 27% of men surveyed said they’ll simply absorb the price increase, while only 17% of women will do the same.

With prices set to rise, it could mean that harder times are ahead for Australian consumers at the checkout.

For more information, contact Adrian Edlington – [email protected]

Savvy - 2022 Cost of Living Survey (n = 1005) 

 

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