A Meltwater review of the most discussed topics concerning inflation in Australia through the month of August has revealed that posts around the cost of groceries and housing are dominating social media, at 90.5k and 74.5k respectively.
When looking at the findings through age demographics, some surprising data came to light. Each demographic has its own cost of living concern that is top of mind:
• 55-64-year-olds are the most concerned about fuel prices, with a notable majority of men in Perth making up this demographic nationwide
• 25-34-year-olds are most active in conversations around rising prices of entertainment (including live sport and theatre, and streaming services) as well as the crash of the housing market, which has been a central concern for this demographic for a number of years
• 18-24-year-olds are posting mostly about the rising costs of food and groceries, a surprise to some that the youngest demographic is most concerned about groceries and not entertainment
In August, Mediaweek published findings from Taboola that there has been a sharp increase in people searching for information about the cost of living increases. With people taking to social media to air concerns about the hike in the cost of groceries and the soaring prices of the property market.
Breaking down the online buzz through location, the report from Meltwater also showed that Sydney and NSW are leading the charge on social media in the discussion surrounding cost of living concerns. Victoria comes in second with Western Australia taking out the third spot on the podium for leaders in the ever-increasing online discussion of inflation.
With the increase of inflation being steady throughout 2022, the social media mentions of inflation and cost of living have also mentioned multiple reports and announcements of grocery scams targeting shoppers, negative equity of the housing market and the decision of the ALP government to turn back the fuel excise, increasing the cost of petrol to approximately 20c a litre.