Save money with these shopping tips
Changing your habits can have a big effect on the amount you pay at the checkout.
How older Australians are affected
National Seniors Australia (NSA) research shows that many older Australians are doing it tough and have had to adapt their shopping habits.
Here are some comments from our 2023/24 report Older People's Responses to the Rising Cost of Living:
"I try to buy groceries on special and do a menu plan each week to fit in with which groceries are on special. Compare prices between the three locally available supermarkets and sometimes visit all three. Try to shop once a fortnight and try to forego impulse purchases unless it is on special and something we use on a daily/weekly basis."
"I go to two monthly food swaps to share food I grow, look for bargains and reductions in the shops, and collect green waste from a local greengrocer (for my compost heaps) but actually we can rescue and eat a fair amount as it saves us money."
"Rarely buy good cuts of meat, eat mostly pork, chicken, or fish. We look for special buys."
"I’ve begun buying cheaper brands, cutting back on things like good quality meat. I’m growing more vegetables and fruit to help our budget."
Australians are collectively saving $5.3 billion each year on groceries by adopting savvy shopping habits, according to recent research.
Key strategies include purchasing discounted items near to their "use by” dates, switching to generic brands, and avoiding impromptu midweek shopping trips.
The study, by ING and Compare the Market, reveals that a significant number of Australians are buying marked-down food items close to their expiry date – a practice that not only reduces expenses but also helps cut down on food waste.
Matt Bowen, ING’s head of consumer and market insights, said, “With two in five (46%) Aussies admitting they’ve had to leave an item behind at the supermarket checkout because they didn’t have enough budget for it, now is a great time to explore more bargains and smart shopping strategies.”
The research also indicates that Australians could, on average, save an extra $1,159 annually by eliminating spontaneous midweek grocery store visits.
Over half of the respondents admitted to making last-minute trips outside their main shopping routine, with 59% acknowledging they often purchase more than planned during these excursions. These impromptu shops are costing an average of $97 extra per month.
Smart shopping strategies
Seek out sale items.
Adjust dietary habits.
Choose generic brands.
The shift towards generic brands is another significant trend, with nearly half of Australian shoppers making the switch in the past year.
This change has led to an average saving of 41% when comparing the prices of generic and branded products. Victorians are leading this movement, with 53% replacing brand-name products to save money.
Common items where consumers are opting for generics include milk, cleaning products, bread, frozen vegetables, and toilet paper, with price differences reaching up to 50% between generic and branded products.
Despite these cost-saving measures, average weekly grocery spending has risen by 11.5% year-over-year to $213.64, highlighting the ongoing financial pressures faced by households.
Chris Ford, general manager at Compare the Market, noted that families are finding it increasingly challenging to manage expenses, prompting a shift towards more economical shopping choices.
The research follows a 2023 survey by Your Life Choices and NAB which showed that many older Australians were cutting back on non-essential expenses such as coffee and cinema trips.
Related reading: ING, News.com.au
