Almost nine in ten Australians are worried about the price of groceries, while 17.7 million say they are concerned about the rising cost of fuel, according to Nielsen Consumer & Media View data.
More than a quarter of households earn more than $160,000 a year, but 26% are still concerned about rising prices. One in five Australians live on less than $25,000.
Australians are increasingly becoming value-seekers, carefully weighing up fairness, quality and trust when making purchasing decisions.
"The cost-of-living crunch doesn't discriminate," said Glenn Channell, Pacific head of advanced analytics at Nielsen.
"Whether they're earning a little or a lot, Australians are looking for fairness and value in every purchase."
Almost three-quarters of the population consider themselves bargain hunters and are willing to switch brands if the price is right, while two-thirds say they are careful with their money.
Four in ten Australians express distrust towards major banks. Three-quarters of Australians are aware of buy now, pay later provider AfterPay.
While debit cards remain the most common payment tool, credit cards are still widely used, largely for reward programs. More than a third of Australians prefer to use cash for small purchases.
Seven million Australians now get their food and drinks online, though the majority of retail journeys still involve a trip to the store.
"This data shows that no matter where Australians sit on the income scale, everyone is rethinking how they spend," said Monique Perry, managing director of Nielsen Pacific.
Gen Z and millennials embrace online shopping, social commerce and buy now, pay later at high rates, while older Australians tend to prioritise saving, brand loyalty and reliability.
Metro Australia, roughly 72% of the population, leads in digital adoption and discretionary spending, while regional Australians remain more traditional and loyal to established brands and local retailers.
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