Restaurant meals are off the menu as South Australian families prepare to tighten budgets in the new financial year, according to research. With housing, petrol and food costs soaring, the ING Direct Savings Census has found that 63 per cent of SA families plan to have fewer restaurant meals and 60 per cent say they will cut back on personal luxuries such as gym memberships and beauty treatments. It also found that 52 per cent plan to take fewer or less expensive holidays, 40 per cent will spend less on birthday gifts for family and friends and 72 per cent plan to use less power at home. The ING Direct report, released today, follows official data this month showing consumer confidence levels at a 16-year low, job numbers falling for the first time in 19 months and the value of new home loans falling 5 per cent. ING Direct executive director Lisa Claes said the rising cost of living was forcing families to forgo non-essential items. “With recent reports showing power wastage is surging, families are cutting back on those easier costs first, but life’s little luxuries are taking a hit with more than half of families planning to spend less on personal luxuries, restaurant meals and holidays,” Ms Claes said. Australian Hotels Association SA general manager Ian Horne said hotels and restaurants had felt the effects of lower consumer confidence in the first six months of this year. The Advertiser, June 23.
Jun 30
