The research shows that Aussies have been more mindful with their spending than previous lockdowns, however many are willing to make non essential purchases to help businesses doing it tough.
The report also shows that Aussies have embraced 'treating themselves' with 43% saying they have made non-essential purchases for themselves, for a loved one (19%), or for entertainment (22%).
Aussie spending habits this lockdown:
- Top non-essential buys include: Takeaway food (36%), entertainment items and subscriptions (23%), home décor (19%), self-care (18%) and new pet supplies (11%).
- Mindful money habits: 23% of Aussies are shopping more online to avoid spending time in shops, and 19% are now making shopping lists to be more prepared as a shopper (18%) have been better at keeping budgets as a result).
ING research also highlighted the strong influence social media is having on the shopping habits of Australians.
Extra time spent scrolling has led to 40% of Aussies buying items on social media during recent lockdowns with half these social shoppers (51%) spending $100 or more and 13% - the equivalent of more than one million Australians - spending $500 or more on their purchases.
More than a quarter (28%) of Aussies agree they shop more on social media now than they did two years ago with 19% saying they consider buying something on social media every time they scroll through their feed.
According to the report, the most popular social media platforms to shop are Facebook (33%), Instagram (23%) and YouTube (21%), with Gen Z (55%) and Millennials (61%) being the biggest social spenders.
ING's Head of Daily Banking, George Thompson, said that the research shows how Australian attitudes have changed during this lockdown.
"When times are tough, we band together to support each other in whatever way we can and we're seeing this through the increased shopping with local businesses," Mr Thompson said.
"The increased confidence to make non-essential purchases could be an indication that Australians are feeling more optimistic about the economy and the future."
Mr Thompson also said that social media is here to stay with younger people favoring online shopping on various platforms.
"One in five Aussies consider buying something on social media every time they scroll through their feed. Social media can be great for inspiration and to compare purchases, however it can also be easy to unintentionally overspend," he said.
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