New Australian report reveals money rule broke Aussies live by

Australians have never been as cash-strapped as they are right now - but despite our money struggles, we’re still buying one “luxury” item.

Australians have never been as cash-strapped as they are right now - but despite our money struggles, there’s one “luxury” item even the most budget conscious among us are prepared to splurge on.

While many are cutting back as cost of living pressures continue to push people to breaking point, new data has revealed Aussies are still prepared to spend big on a particular product despite the current economic downturn.

Figures published in the new Australians@Home: 2024 Smart Living Editionreport from electronics giant Samsung shows 98 per cent of consumers are happy to splurge on expensive home appliances if the product offers “good value”.

Jeremy Senior, Vice President of Consumer Electronics at Samsung Australia, said cash-strapped Aussies are still prepared to splurge on a quality home appliance. Picture: Supplied

“Australians are happy to spend on high-value, premium appliances that help make daily routines easier and more cost-effective,” Jeremy Senior, Vice President of Consumer Electronics at Samsung Australia, told news.com.au at Europe’s largest consumer electronics exhibition, IFA 2024, in Berlin.

“Our data shows that ‘good value’ is the most prioritised consideration when Australians are making purchase decisions, with 98 per cent saying it’s important.

“That’s followed by ‘products that are built to last’ (97 per cent), ‘ease of use’ (97 per cent), and size/dimensions suitability (96 per cent).”

Mr Senior added that what constitutes a “high value’” appliance looks different for everyone, but stressed for many, high-value appliances make daily routines easier and offer intelligent features that make core activities like shopping for groceries and cooking for the family more efficient and cost effective.

“Consumers are more conscious about their purchases than ever before due to a combination of economic uncertainty, busy lifestyles, and an increased demand for value-driven products that truly meet their needs,” he added.

“In challenging economic times, Aussies are watching how their spending to ensure that every purchase goes that extra mile. This heightened awareness means they are prioritising products that offer ease of use and simplicity.”

Consumers are looking for ‘good value’ to justify their next expensive purchase. Picture: Supplied

Interestingly, while Aussies are happy to part ways with big sums for an “essential” item such as a fridge, washing machine or TV, many expressed a strong desire to cut back on living expenses.

A staggering 94 per cent of the 1000 Aussies surveyed said they were actively trying to reduce their outgoings by eating out less and monitoring their energy consumption, up from 66 per cent in 2023.

The financial cost of food waste is also a huge concern among Aussies, the Samsung report found.

Each year Australians waste around 7.6 million tonnes of food across the food supply chain. This equals about 312kg per person and can cost up to $2500 per household per year according to the Department of Climate Change, Energy, the Environment and Water (DCCEEW).

But while we’re all literally throwing money in the bin, almost 9 in 10 Aussies (87 per cent) want to know how to use the ingredients they already have in their kitchen and a further four in five (85 per cent) are open to using AI-technology to generate a list of recipes

based on the ingredients they already have at home.

Why Gen Z are unlucky in love

While money is the biggest concern, the data also showed appearances still matter - particularly among Gen Z shoppers.

More than a quarter (28 per cent) of Australians said they prefer visiting friends and attending events in homes that flaunt modern or smart appliances. When broken down by age, the younger generations felt the strongest about this, with 41 per cent of Gen Z and a third (33 per cent) of Millennials stating they like homes with luxury mod cons.

Gen Z admitted they are ‘more attracted to people with luxury appliances’. Picture: Instagram

Your clapped out old fridge could be the reason you’re still single. Picture: iStock

One in four Australians (25 per cent) and nearly a third (32 per cent) of Gen Z also confessed to feeling “embarrassed” or “judged” for outdated or mismatched appliances

Incredibly, many Aussies even said they consider a partner’s appliances as a factor when dating, stating those who have splashed out on a top of the range gadget were “more attractive” to them.

“The findings were surprising,” Mr Senior said.

“Our research revealed that over a fifth of Australians, and an even more striking 36 per cent of Gen Z, are more attracted to people who own luxury appliances, highlighting a meaningful connection beyond just functionality.”

So if you’ve been struggling to find love lately, it might be because of your clapped out old fridge.

Investing in a ‘luxury’ home appliance could have a positive effect on your personal life, Samsung research suggests. Picture: Supplied

It wasn’t the only interesting difference to emerge between the younger generations and those who were born several decades before them, according to the report.

“Gen Z is driving a shift towards personalisation, customisation, and connectivity in home appliances, seeking sleek designs and features that cater to their unique needs,” Mr Senior said.

“They value products that simplify their busy lives, like Samsung’s new Bespoke AI Heat Pump Combo, which completes a wash and dry cycle in just 98 minutes - perfect for those constantly on the go.

“By integrating AI into our appliances, Samsung is not only adding value but also addressing concerns like food wastage and providing energy-efficient solutions that meet the evolving demands of this tech-savvy generation.”

The journalist travelled to IFA as a guest of Samsung Australia