The ‘fitspo’ trend has swept the nation, and has seen Aussies spend more on their health and fitness as a result, new research from St. George Bank has shown.
According to the report, most Australians are spending $100 or less a month on health and fitness products, but over 20 per cent are spending up to $250, and 20 per cent of couples are spending a whopping $500.
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Where are Aussies splashing the most cash?
Around 70 per cent of respondents admitted to splurging at the vitamin counter, half of them were regularly buying activewear, and 45 per cent were investing in a gym membership.
Ross Miller, general manager at St. George Bank, says while it’s great to see Australians focus on their physical wellbeing, he urged them to ensure those costs were being factored into households’ everyday budget to avoid falling behind on financial goals.
“Ensuring you have a budget in place for your physical wellbeing goals means you’re much better placed to retain your healthy habits throughout the entire year – not just for a few months,” Miller says.
In fact, only 42 per cent of Aussies said they had a specific budget in place for health and fitness products, with 20 per cent admitting they regularly overspend on fitness trends.
On top of that, compared to the average Australian’s budget, 67 per cent said they spent 10 per cent of their budget on health and fitness products, 19.3 per cent spent 20 per cent, and 9.3 per cent spent a huge 30 per cent.
The most popular dieting programs were Jenny Craig, Weight Watchers, keto diet and Lite N Easy, while the most popular exercise programs were Michelle Bridges and Kayla Itsines.
Behind the trends was, of course, social media, with 30 per cent of respondents saying they are influenced to spend more after scrolling.
Miller says using spend trackers can help Australians see real time transactions and help plan budgets, which can help achieve goals like increasing fitness and eating healthier too.
“If after looking at how much you’ve spend and you find your budget is under pressure, consider the many free or less costly ways to keep healthy such as the many outdoor activities that our Australian lifestyle offers,” he says.
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