A new report reveals generation Y members have been gorging on gourmet food and putting a substantial dent in their weekly budgets.
Some generation Y foodies are spending up to $600 a week on gourmet produce such as seafood, cheeses, olives and cured hams.
The Foodie Nation report, from Suncorp Bank, found 81 percent of Aussie consumers spent up to $50 a week on gourmet food out of a weekly food bill of between $100 to $200.
While most gen Y consumers, defined as those aged 18-34, fell into that category, one percent of those polled spent between $500 and $600 a week on gourmet food.
Suncorp’s regional general manager Monique Reynolds attributes the figures to television cooking shows like Masterchef, but says a higher spend on gourmet produce is “leaving a dent in many household budgets”.
“The popularity of cooking shows and gourmet cook books are certainly tempting our tastebuds with more expensive gourmet ingredients,” says Reynolds.
The report also revealed ten percent of gen Y respondents spent between $50 and $100 a week on gourmet food, while six percent spent between $100 and $200, and four percent shelled out between $200 and $300.
Baby boomers, those aged 51-64 years old, spent the least on gourmet food, with only 12 percent spending more than $50 each week.
Of generation X respondents, those aged between 35-50, 15.5 percent spent between $50 and $100 on gourmet food, and none forked out over $400 a week, the report concluded.
“French cheese and cured meats don’t become a regular staple at the expense of more important living costs,” says Reynolds.
Twenty-three percent of consumers picked modern Australian cuisine as their top meal type, followed by take away food on 21 percent, the report also found.
Just three percent of consumers rated organic and health food as their favourite type of food.
Australia’s favourite food to eat out was a steak or chicken schnitzel, with respondents choosing a traditional roast at home as their favourite meal overall.
Suncorp said the report’s findings were based on a national survey of more than 1000 people.