We’re spending up a storm

Aussies splashing out more on food, drink, lifestyle

SELF-indulgent Australians are splashing out on lifestyle and entertainment expenses in droves by spending more on themselves than they were 12 months ago.

The “smashed avocado” phenomenon is well and truly alive as people increase spending on eating out and drinking at the pub while also being in- fatuated with their appearance, splurging more on skincare, makeup and activewear.

Spending on magazine and newspaper subscriptions has also risen dramatically, alongside music streaming services.

The Pure Profile information compiled on behalf of financial comparison website Mozo, quizzed 1000 Australians and found we are gnawing away at our savings, with almost one-third of total lifestyle expenditure spent on food and drink.

The site’s spokeswoman, Kirsty Lamont, said the nation’s “love for smashed avocado and craft cider is really burning a hole in our pockets” and people were spending more because they were more comfortable with their finances.

“When it comes to eating and drinking out Australians are spending a lot more this year on takeaway dinners and bars and pubs,’’ she said.

“We are also spending on our appearance more than ever. One of the biggest increases was on makeup which was up 53 per cent, and interestingly men also seem to be jumping on the beauty trend.”

Spending on newspaper and magazine subscriptions rose annually from $61 in 2016 to $114 this year (up 87 per cent), music streaming rose from $41 to $87 (up 112 per cent), takeaway dinners $498 to $567 (up 14 per cent), drinks at the pub $269 to $308 (up 14 per cent), sportswear $250 to $291 (up 16 per cent), makeup $107 to $164 (up 53 per cent) and skincare $157 to $227 (up 45 per cent).

But consumer finance expert Heidi Armstrong warned that people need to differentiate between “wants and needs.” She said many people were confused about the two.