NEW research from industry super-fund owned bank ME has shown our ‘Foodie’ culture is causing Aussies to chew through their finances.
Around a third of Australians are spending more on food-related trends, such as ‘superfoods’, roving food trucks or online delivery services, compared to five years ago – increasing to 43 per cent among Gen Ys.
Of the 1000 people surveyed, 62 per cent didn’t have a food budget, despite 68 per cent noticing an increase in food-related trends in the past five years, and 44 per cent labelling themselves as a ‘foodie.’
Nearly half of those who did have a food budget often or always exceeded it, particularly Gen Ys (50 per cent) compared to those aged 50-plus (29 per cent).
The study suggested that food spending doesn’t register at the check-out as much as other purchases with the reasons varying with age.
The majority (59 per cent) of those aged over 50 attributed ‘health or dietary reasons’ to justify their increased food spend, while 44 per cent of young Australians aged 18-29 said they spent more because they ‘enjoyed going out, socialising and trying new things’ (44 per cent).
Media and social media are now influencing how Australians engage with food, with around 45 per cent of respondents admitting they tried something new after seeing it in the media and 17 per cent of Gen Ys choose a meal based on its ‘aesthetics or social media potential.’
ME’s head of deposits and transactional banking Nic Emery said the rise in food-related spending was not surprising, but the lack of financial-food bingeing was.
“With shows like MasterChef gracing our living rooms every night, and food delivery services on the rise, it’s no wonder we’re seeing increased spending on culinary delights,” he said.
“It’s important to factor in how big a slice of your financial pie is being allocated to food.”
Nic said simple steps could be taken such as categorising your weekly food budget so everything, not just the grocery shop, was taken into account.
“By identifying where the majority of your food budget is going, you can make changes to what you’re spending on and rein in any unnecessary purchases every month,” he said.
ME’s findings suggest ‘food’ has become about more than just the usual grocery shop with 55 per cent of Australians saying they ‘like to try new restaurants’ and 42 per cent ‘enjoying food-related events’.
Emery said although dining out and food events were increasing in popularity, it didn’t mean hard-earned savings needed to be eaten into.
“Be creative with your budget, take note of price per kilo with fruit and veg and look for weekly specials. By following some easy rules, such as only dining out every fortnight, shopping for items in season or buying in bulk can ensure you still can have your cake and eat it too,” Nic said.
