Young Aussies adapt spending habits amidst rising inflation

As inflation concerns grip the nation, young Australians are making significant adjustments to their spending habits, particularly in the realms of dating and subscriptions. The latest data from ubank sheds light on the changing trends among different generations and regions across the country, highlighting the financial adaptability of young Aussies in the face of rising prices. Let’s take a look:

Dating Expenses:

Singles in Australia are feeling the impact of higher prices, leading to significant reductions in spending on dating apps. The data reveals the following trends:

• Gen Z has slashed spending on dating apps by 43.7% compared to the previous year.
• Millennials have cut their dating app spending by 40.9% year-on-year.
• Queenslanders are the least willing to give up on finding their perfect match, with their spending on dating apps decreasing by only 18% YoY.

Subscription Adjustments:

The rising cost of living has prompted Australians to re-evaluate their subscriptions, but Gen Z stands out as an exception. The following statistics illustrate the changes in subscription spending:

• Gen Z has maintained their spending on subscriptions, with a marginal increase of 0.14% YoY.
• Boomers have significantly reduced their subscription spending by 50.10%.
• Gen X has cut their subscription expenses by 39.01%.
• Millennials have decreased their subscription spending by 26.70%.

This data reveals the impact of inflation on various aspects of young Australians’ lives. It shows that while dating app spending has witnessed substantial reductions across the board, Gen Z remains committed to their subscriptions, reflecting their inclination towards a stress-free lifestyle. These shifting trends offer valuable insights into evolving Aussie spending habits.