While many may think Australian women are splashing out thousands on fashion each year, the actual figure may come as a surprise.
According to a new report by Choosi Workplace, men and women are spending $8.5 billion each year on shoes, clothes and accessories.
However, when the numbers are crunched, individually men and women aren’t spending as much as some may expect.
Figures from the study revealed the average person spends a total of $687 a year on clothing – women spending an average $802 on keeping themselves looking chic and stylish while men spending just $561.
A new report has revealed how much money Australian women are actually spending on clothing every year (stock image)
Sydney stylist, Caitlin Stewart said the figures were hardly extravagant given what it costs to maintain an up-to-date wardrobe
Sydney stylist, Caitlin Stewart said the figures were hardly extravagant given what it costs to maintain an up-to-date wardrobe.
She said when it came to buying clothes, especially clothing for the workplace, it was important to start with some key pieces.
Her two recommendations were to purchase a great pair of pants and a chic blazer and to build a wardrobe from there.
‘I suggest that each woman holds a core wardrobe generally for day-to-day and then update with a few fashion items each season which is generally an inexpensive way to add a little fun and point of difference.’
Office administrator Maddison Tweedie of Sydney, said she wouldn’t describe herself as ‘super-frivolous’ but when she needs, or wants, something new for her wardrobe she will generally go out and get it – but she chooses quality over quantity.
‘If it’s for work, instead of spending $80 on five cheap skirts I will spend the money on a more expensive skirt because it will last longer. And in my eyes, this is worth it,’ she said.
‘Over the years I have spent hundreds of dollars on cheaper clothes but they don’t last.’
Ms Tweedie said she tries to manage her money as well as she can and will only use her credit card for emergencies – or if there’s not quite enough cash in her account to cover a particular purchase.
The 26-year-old revealed that for her, it’s all about balance: ‘I have some friends who save religiously and don’t seem happy and other friends who have no savings at all.’
This year she said she is planning a trip overseas with the money she’d stashed.
Maddison Tweedie (pictured) of Sydney said she wouldn’t describe herself as ‘super-frivolous’ but when she needs, or wants, something she just goes out and gets it
‘There’s no point having in savings if you don’t feel like you can spend it in a way that makes your life a bit better,’ she said.
The report also highlighted how much Australian workers were spending on other items including takeaway coffee and food.
It revealed those who enjoyed a daily caffeine hit were buying as many as 374 coffees every year and were spending $40 a week on their takeout beverage of choice.
While people who preferred to buy lunch, spent on average $31 per week on their midday meal.
Those who enjoyed a daily caffeine hit were buying as many as 374 coffees every year and were spending $40 a week on their takeout beverage of choice (stock image)
Although this figure doesn’t sound excessive, over the course of a year it tallied up to $1378 per person.
Choosi spokeswoman, Katrina Foster, said consumers needed to think carefully about how they were spending as these small expenses quickly added up, and were a drain on finances.
‘Expenditure on coffee, food and clothing is high and is something Aussie workers need to budget effectively for,’ she said.