OUT-OF-POCKET spending at pharmacies grew by 8% faster than other medical healthcare services, revealed CommBank iO's Cost of Living Insights Report today.
Analysing approximately seven million Australian transactions or around 30% of all spending, the report explained that while the number of visits to pharmacies held steady, the amount people spent had increased, meaning people are paying more for their medicines and other pharmacy services.
Housing expenses such as mortgages and rent were not included in the analysis, as this is not a factor consumers can easily change, stated Commbank.
"We're more interested in how consumers change their everyday spending, often to ensure there's enough left over for these immovable costs."
The report also revealed that when compared with out-of-pocket spending on other medical and healthcare services, which rose by 3%, pharmacy spending far outstripped it.
Further, the three top categories considered as essentials by the public were insurance, medical and pharmacy, and supermarkets.
Other insights confirmed that overall people are continuing to trim discretionary consumption and rising prices keep consumers' attention firmly on the essentials.
To read the report, CLICK HERE. JG
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