Young people spending big on convenience: Fonto
Consumer insights software provider Fonto has released findings revealing that young Australians are spending big on convenience categories rideshare, quick service restaurant meals, food delivery and buy now pay later compared to the total Australian population.
The findings are derived from 12 months of transactional data and survey responses collected from over 40,000 Australians in 2021.
Compared to over 30s, young Australians were found to spend 49% more on rideshare, likely due in part to lower rates of car ownership amongst the group.
Young Australians were spending an average of $1,829 each over the year on having quick service restaurant meals delivered to their homes, up 15% compared to the previous year. For the double convenience of delivery and fast food they were spending 42% more than the rest of the population.
Buy now pay later (BNPL) financial services were used frequently by the cohort, both as a matter of convenience and as payment solution in light of reduce income during the pandemic. The use of BNPL services increased by 21% on the previous year, with young Australians using the service more than once a week on average, possibly indicating increased financial stress as the group seeks to maintain their lifestyle.
The increased use of BNPL may be linked to increase spending other categories, such as gaming, on which under 30s spent 118% more than the rest of the Australian population. Spending on beauty was up 31%, and spending on the gym was up 19% compared to the previous year.
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