Western Australians likely to watch spending

Western Australians are likely to reduce their discretionary and overall spending during the second half of 2024, a report from the Chamber of Commerce and Industry WA has found.

Of the 900 respondents surveyed within the June report, 39 per cent indicated they would reduce their spending on groceries.

Additionally, 32 per cent said they would significantly reduce spending at bars, clubs and pubs – while 24 per cent said they would significantly reduce spending at cafes and restaurants.

Three in five renting households – equating to 62-64 per cent – indicated they would also reduce money spent across both hospitality sectors.

Overall, four in five respondents said cost-of-living pressures weighed down their overall outlook on the economy.

“The five-percentage point increase in concern about the cost-of-living shows that even with inflation still coming down, the elevated cost of living is still weighing down confidence,” CCIWA chief economist Aaron Morey said.

“As a result, many households are looking at ways to spend less – and discretionary spending is the most obvious way they can do that.”

From an employment perspective, 52 per cent of respondents aged between 18 and 39 said they were more likely to seek a new job, compared with 30 per cent of those aged between 40 and 64 years of age – with job mobility the prevailing factor.