Time is money for busy Australian households

15 November 2024
Consumer Spending

Even in a higher cost of living environment, Australians are proving time is money as they trim back spending to keep home services like cleaners and gardeners.

New NAB data reveals just 1 in 5 of Australians have cut back on spending on home services over the past three months, compared to around 1 in 2 who have made many more cutbacks to spending outside of the home on things like eating out at restaurants, lunches, micro-treats such as cakes and coffees, and entertainment.

Home services were among the least likely spending changes Australians were likely to make in response to the cost of living, only behind spending on children (1 in 10) and pets (1 in 6).

The data also reveals:

• While the number of Australians cutting back on home services was relatively small, those who did were saving an average $92 per month by doing so.
• Those aged 30-49 years old (26%) were the most likely to cut back on home services compared to those aged 65 and older (12%).
• There was almost no difference to cutbacks made by those on higher incomes (22%) and lower incomes (23%).

NAB Retail Customer Executive Larna Manson said busy Australians were sparing cleaners and gardeners from cost-of-living cuts.

“Despite all the chat about cutting back and skipping takeaway coffees, coming home to a clean house at the end of the day still holds a high priority right now,” Ms Manson said.

“The phrase ‘time is money’ can be overdone but it’s clear we’re a nation serious about outsourcing home and garden care so we can use our weekends and evenings to relax and socialise.”

Nicole Wood runs a Victorian franchise for Jim’s Cleaning Group. She said the trend was reflected in the influx of customers they’ve had in the past year.

“To our surprise, we’ve actually had more clients call us in for help with their home cleaning needs,” Ms Wood said.

“While they’re stretching out the time between visits more than they did before – with some seeking our services every fortnight rather than weekly – we’ve seen a spike in Aussies looking to home cleaning services to free up their time.”

Notes to editors 

• Data from NAB Consumer Sentiment Survey Q3 2024 of more than 2,000 Australians.