May 2024 Beforepay Cost of Living Index

‍

The Beforepay Cost of Living Index for May 2024 is $60.69.

Consumer spending shows a significant decrease of 4.1% month-on-month from an average of $63.28 to $60.69 per day. This drop aligns with the typical annual trend, where user expenditures tend to decrease in May.

Year-on-year daily average spend increased 9.4% from $55.49 in May 2023 to $60.69 this year.

Consumer spending decreased across all categories tracked by the Index, with the exception of utilities which continues to increase, up 1% from $6.77 to $6.84.

The highest decrease month-on-month is seen in entertainment and leisure which decreased by 8% from $4.64 to $4.27, followed by a 5.6% decrease in fitness and health and 5.2% decrease in groceries.

There was an additional 4.8% decrease in both durable shopping and food and drink, 3.5% decrease in petrol and auto and a 2.6% decrease in shopping.

Below is a full month-by-month breakdown over the last 12 months. See sub-category descriptions here.

Cost of living sub-category descriptions

Below are brief descriptions that outline the type of expenses applicable to each spending category.

Groceries

Grocery stores where raw vegetables and meat are sold. 

Food & Drink

Any restaurant, pub or vendor that sells food that is not prepared or processed, i.e. not groceries.

Petrol & Auto

Any spending on petrol, car maintenance and car accessories.

Shopping

Spending on non-edible, non-durable goods, i.e. clothing, shoes, consumer packaged goods. 

Utilities

Spending on electricity, gas (home) and phone. 

Entertainment & Leisure

Movie streaming, tickets, mobile and console gaming, hobbies, bookshops and other recreation expenses.

Durable Shopping

Spending on long lasting products, such as white goods.

Fitness & Health

Any expenses on gyms, health insurance and chemists.

Have questions? Reach out to mediaenquiries@beforepay.com.aufor more information.

About the Beforepay Cost of Living Index

The Beforepay Cost of Living Index shows the average daily spend of Beforepay registered users across multiple household expense categories. As of March 2024, the average annual individual Beforepay customer gross income was $65,783 (counting only the main source of income) with a broadly representative geographic and gender breakdown. The data may vary depending on the main bank account linked with Beforepay. To the maximum extent permitted by law, Beforepay and its related bodies corporate, make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this article and do not accept any liability for any loss whatsoever arising from the use of this article or its contents or otherwise arising in connection with it.The Beforepay Cost of Living Index shows the average daily spend of Beforepay registered users across multiple household expense categories.