Australians are cutting back on discretionary spending as the economy tightens, and top of the list is putting off upgrading the mobile phone.
According to new research by consumer intelligence platform, Toluna, one in five Australians survey said they are putting off an upgrade to their smartphone or tablet, ahead of other cost cutting measures, such as postponing the purchase of major appliances (18 per cent).
12 per cent of Aussies are cancelling subscription services, with 11 per cent reducing mobile plans, and 5 per cent finally cutting landlines.
Respondents aren’t expecting any respite soon, with 36 per cent planning to spend less on Xmas this year.
10 per cent have been forced to put off plans to buy a home, while one-third will be refinancing by the end of 2022.
“With consumers cutting spending at every turn, businesses must identify ways to demonstrate value in order to retain customers,” said Sej Patel, country director at Toluna, Australia and New Zealand.
“In this economic climate, price is the number one factor when it comes to purchasing decisions right now.”
