The latest CommBank Cost of Living Insights Report reveals that consumer spending continues to trail inflation, with a focus on value and convenience. Online marketplaces, food delivery, and streaming services are leading the charge. Interestingly, regional areas are outspending their metro counterparts. Overall spending has seen a modest increase of just 1.5% compared to the same period last year.

Australians aged 18-29 have reduced their spending by 2% over the past year, with a decline in both essential (-2.3%) and discretionary (-1.9%) spending. The 30-39 age bracket also recorded negative overall spending growth, with a 1.1% drop in essential spending and a 1.0% drop in discretionary categories.

In contrast, those aged 60-69 increased their spending by 3.9% and those over 70 by a significant 7.7%, highlighting the continued generational spending gap.