Cash-conscious Australians still wanting to mix it up with their mates are bringing the party back home as they rein in discretionary spending to negate soaring home loan repayments and inflation that remains stubbornly above wage growth.
And with some pubs in Perth now charging patrons up to $16 for a pint of beer — and well above $20 for a cocktail — who can blame them?
Sales figures from the likes of Dan Murphy’s and BWS during COVID-19 lockdowns showed plenty of households had embraced the idea of entertaining at home. Snap lockdowns and capacity limits for pubs, clubs, cafes and restaurants as WA charted its way out of the pandemic mire only help to extend the trend.
Now as homeowners battle to rejig strained budgets and find the extra money to meet mortgage repayments on interest rates that have leapt more than 4 percentage points in just 18 months, it appears partying at home has become well entrenched.
A new survey conducted on behalf of bourbon maker Woodfords showed almost eight in 10 people are no longer tied to having a night out just to get together with friends, with almost 60 per cent saying the expense was the biggest barrier.
Half those polled said they were seeking cheaper ways to socialise, with just over 40 per cent saying they spend upwards of $150 each time they dine out or head to the pub.
The latest inflation data released by the Australian Bureau of Statistics late last month showed food and beverage prices in Perth were up 4.5 per cent for the year to the end of September — a big drop from 7.3 per cent for the 12 months to the end of June.
There was also a sharp fall in the price of spirits — down from 12.2 per cent for the year to 9.5 per cent — which was welcome news for those who are now opting to beat sky-high prices at the bar and host their own cocktail parties to keep a lid on costs while also catching up with friends. Four in 10 people surveyed said it was a good way to save money.
Woodfords dubbed the shift from a bar experience to home the affordable luxury “home fashioned cocktail hour”, noting it was now favoured by 49 per cent of survey respondents over the outdated dinner party — with just 34 per cent saying that was how hey wanted to socialise at home.
A third of people said they would opt for a cocktail night at home over a night out if it represented better value for money, but nearly three in four worried about the cost of ingredients to host their own party at home.