It’s hard to escape the rising cost of living at the moment.
Petrol and housing prices have shocked the nation and even the most oblivious shopper must have noticed supermarket prices creeping up at the same time as some shelves are often bare.
But one supermarket chain has made an astonishing claim that shoppers can save up to $2468 a year with a simple change to your shopping habits. And an ING report says shopping online can save you even more.
The cheapest supermarket is Aldi, the German juggernaut that has shaken up the Australian duopoly of Coles and Woolworths.
In its 2022 price report, Aldi claims its basket of goods is 15.6 per cent cheaper than its competitors, representing a saving of $1555 a year. These savings are on comparable cheapest products. The gap widens significantly – to 24.7 per cent – when comparing Aldi home brand products to branded products, representing a saving of $2468, it says.
The research was undertaken by PwC and was based on an ‘average’ household of two adults and two dependants with a weekly grocery spend of about $200.
The report found groceries and petrol were the biggest concerns for Australian shoppers. About 65 per cent of shoppers had felt financial pressure in the past year and about 33 per cent said they had felt a lot of financial pressure.
According to the research, nine in 10 shoppers planned to manage their budgets or change their spending habits in the next 12 months by reducing their spend in some way. The report claims almost four in five Australians have already reduced their spending, with restaurants and takeaway taking the biggest hit with a 44 per cent reduction in spending. Meat purchases were next with a 39 per cent cut.
The Australian Bureau of Statistics (ABS) reported that the consumer price index rose 2.1 per cent for March quarter and 5.1 per cent for the 12 months to the end of March. The most significant price rises were buying a home (5.7 per cent) and fuel (11 per cent). Food and non-alcoholic beverages were up 4.3 per cent.
Aldi buying managing director Oliver Bongardt says the report confirms that Aussies are “worried”.
“Ordinary Australians are being forced to re-examine every purchase, from the petrol we pump into our cars to how many streaming services we sign up to,” he says.
“The price report confirms Aussies are worried. It also shows in black and white the savings we provide.
“We are here to say to Australians as they face the headwinds of increased costs that we will never give up on offering you the best possible prices in the market.”
As for shopping online, ING found the average shopper was saving $1369 a year – much of which was attributed to avoiding impulse purchases and shopping for specials – and getting the equivalent of a long weekend back in saved time.
ING Australia head of digital Amy Cunningham says buying groceries online could be one of the easiest ways to save money.
“When you’re shopping online and you can see that shopping cart, you can easily judge your budget,” she says.
“The $1369 saved by the average shopper may cover two months of utility bills.”
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