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We’re still spending on insurance and lipstick

Despite uncertainty about economic conditions, individuals surveyed from higher income households in Australia view 2009 as a good year for investing, according to the Visa Spending Patterns and Perspectives of High Income Households Survey.

The majority of respondents appeared to be looking beyond the financial turmoil with 60 percent saying they were likely to set aside more money for investments in 2009.

Chris Clark, General Manager Australia, New Zealand and South Pacific, Visa, said: “While the challenging economic situation will have an impact on everyone, our survey has shown that individuals from higher income households see 2009 as a year to seek out investment opportunities.”

Among respondents who were unsure or felt the regional economy would weaken, 38 percent said they are considering spending less, while 62 percent said they did not expect to change their spending habits in any way.

The top discretionary items that the respondents said they would cut back on are dining (76 percent), luxury goods (73 percent), entertainment (66 percent) and travel (63 percent). Skincare products/cosmetics (34 percent), grocery purchases (19 percent) and insurance (9 percent) appear to be less susceptible to economic fluctuations.

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Jen Bishop

Jen Bishop

Jen was the publisher at Loyalty Media and editor of Dynamic Business, Australia's largest circulating small business magazine, from 2008 until 2012. She is now a full-time blogger at The Interiors Addict.

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