Consumers reducing essential spending to prioritise travel while millennials feel the pinch: CommBank iQ

Commonwealth Bank of Australia’s (CBA) joint data science venture with Quantium, CommBank iQ, has launched its first Cost of Living Insights Report, revealing that those in their early thirties and renters are feeling the current cost of living pressures the most.

The report utilised aggregated and de-identified bank transaction data from 7 million CBA customers to track spending habits and understand how Australian consumers are responding to cost of living pressures .

Essential vs discretionary spending March 2019-2023