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The Guardian - AU

National

Catie McLeod

Young Australians cut back in cost-of-living crisis while older people shop more, data shows

Australia Commonwealth Bank CBA CommBank

Pedestrians walk past a Westfield shopping mall in Sydney, Australia — The ‘generational spending gap’ between older and younger Australians grew for a second year in a row, CommBank analysis shows. Photograph: Daniel Munoz/Reuters

Young Australians aged 18 to 29 have cut back the most due to cost-of-living pressures while older people are shopping more, data compiled by Australia’s biggest bank shows.

An analysis of the de-identified payments of about 7 million Commonwealth Bank customers, released by the bank on Tuesday, showed the “generational spending gap” between older and younger Australians grew for a second year in a row.

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