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Australians Cut Back on Non-Es****sentials Amid Rising Costs

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As Australia grapples with a cost-of-living crisis, a significant shift in consumer behavior is emerging. According to News.com.au, many Australians, especially Millennials and Gen Z, are planning to cut back on non-essential spending in 2025. This includes scaling down on takeaway meals, travel, and subscriptions to streaming services.

Millennials and Gen Z Feel the Pinch

Younger generations are particularly affected, with many adopting stricter budgeting habits. Dining out is being replaced with home-cooked meals, and travel plans are being postponed in favor of saving. Streaming services, once considered a staple, are being reassessed as households prioritize essential expenses.

Retail and Hospitality Impact

This trend is expected to impact industries reliant on discretionary spending, such as retail and hospitality. Businesses may need to adapt by offering more value-driven options or flexible payment plans to retain customers.

Financial Wellness on the Rise

Interestingly, this shift has also sparked a growing interest in financial wellness. Australians are exploring ways to manage their money better, including using budgeting apps, seeking financial advice, and investing in long-term savings plans.