The cost of living crisis has impacted everyone but there’s a reason some Aussies just can’t stop spending.
Even with the cost of living pressure mounting, some Aussies still can’t stop splurging and there’s a wild reason why.
Already Australians have been unable to avoid spending more thanks to inflation soaring to 7 per cent, and if you have a mortgage or are renting, the burden is only more stressful.
RBA cash rates have hit 4.10 per cent, and new data also shows rental prices in some suburbs have increased by almost 50 per cent in the past year, pushing a growing number of tenants to breaking point.
The evidence would suggest that this would prompt Aussies to stop spending and start saving, but that isn’t the case.
Finder found that 40 per cent of Aussies have admitted to making an impulse purchase, and 36 per cent of Aussies plan to shop during the end of financial year sales.
Shoppers are projected to spend $3631 on average, contributing $26.7 billion to the Australian economy. This is up from an average spend of $517 in 2021.
What on earth is going on?
Money expert at Finder Rebecca Pike said: “In times of financial stress, one might tighten their purse strings and adopt more conservative approaches to spending, while others might engage in impulsive spending behaviours despite facing financial difficulties.”
Is it just that people are more desperate for a dopamine hit?
“It seems counterintuitive, but fear and frustration can often resort to spending money to feel some instant gratification,” Ms Pike said.
Aussies that are still spending aren’t immune from the same financial pressures as everyone else. They are just simply spending through the stress.
A bunch of Aussies shared the things they are still buying despite still feeling the very firm inflation pinch.
They aren’t buying practical things. Instead, they are buying ridiculous but fabulous things during the cost of living crisis.
Single Mum *Rose treated her with a $1600 ring as an act of self-love even though times are tough.
“I’d like my next engagement ring to have a yellow stone but forget waiting for an engagement ring. I’m romancing myself.”
Does she have regrets?
“It is supposed to help unlock creativity and clarity, so any justifications, really.”
Some Aussies can’t stop shopping. Source: Istock
The running theme with the purchases that people shared is that they are things they don’t need, instead they bring them joy.
Romy admitted that she treated herself to some “luxury bed sheets,” and honestly, considering we are all meant to be going out less – this seems like a genius idea.
Similarly, Lizzie admitted she went down the same boudoir route, “I bought some really nice sheets, but they were on sale.”
*Rachel said that she can’t give up on creating a vibe in her home.
“Candles, always candles and cat food bowls too.”
Alice revealed that she’s embraced luxury even though now isn’t the ideal time to get fancy.
“I’m buying experience perfume that I don’t need … but I do love it.”
*Rain admitted that despite facing increased mortgage pressures, she’s still recently been on a spending spree that could make Julia Robrts blush in Pretty Woman.
“I just spent $494 at Lulu Lemon, like I can’t be stopped, and I have a problem. I’ve also bought an olive tree, $395 lace boots and $100 on some questionable weight loss supplements.”
*Laura shared that she spent $50 on a pair of matching cashmere socks.
“They feel amazing, but clearly a ridiculous purchase that I shouldn’t be spending money on at the moment,” she said.
Meanwhile, *Jordan can’t stop spending on her hobby.
“I’ve spent a small fortune on winter cycling gear to keep me warm,” she said.
So what do you do if you’re in a spending jag? Well, put down the credit card.
“Be patient with yourself – making financial mistakes is normal, and it’s not the end of the world. Breaking the habit of impulsive spending takes time and effort, and if you put in the work, it’s possible to regain control of your spending and work towards financial stability,” Ms Pike advised.
Leave a Reply