Aussies are participating in this famous money trend! Will you join in?
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As the new year unfolds, many Australians took it as an opportunity to start on a new leaf.
Aussies have shared their New Year's resolutions for 2025—SDC members included.
One New Year resolution, which spurred on social media, struck a delicate balance between financial management and community support.
The 'No Buy' trend, popularised on social media, encouraged people to reduce their spending in 2025.
Participants of this trend shared the items they are willing to forego throughout the year.
These items range from new clothes and electronics to activities like dining out.
However, this trend sounded the alarm bells for small business owners.
Queensland local Bonnie Munro, who runs Boho Bubbles and Brew Mobile Bar, pleaded to the public to patronise their products amid the trend.
Munro, who left her full-time job to focus on her business, felt the pinch of the trend firsthand.
'When I saw it first, I was like, "Oh, s***," because that means people are going to cut out their morning coffees,' Munro shared in an interview.
'It just goes on and on from there.'
The ripple effect of spending cuts could be catastrophic for small businesses, which often rely on their local communities to keep afloat.
The 'No Buy' trend was a response to the current economic climate, where inflation and stagnant interest rates continue to squeeze household budgets.
While the intention behind this trend was to save money, it could have dire consequences for small businesses.
The hospitality industry, in particular, felt the brunt of this new consumer behaviour on top of the effects of COVID-19.
According to the latest CreditorWatch business risk index, the food and beverage sector recorded the highest failure rate of all industries last October.
The index showed a 0.2 per cent increase from the previous year.
This became a concern for entrepreneurs like Munro, who feared that well-intentioned trends like 'No Buy' could push business failure rates higher.
New research from Compare the Market revealed that 77 per cent of Australians are trying to cut their spending to save extra cash.
The top items on the chopping block included takeaway meals, clothes, streaming services, coffee, holidays, alcohol, and even smoking.
While these cutbacks may help individual savings, they also reduce the revenue streams for local businesses.
'Please don't forget about us because that is our only income,' Munro implored customers.
Munro also suggested that people could focus on reducing purchases from 'the big guys'—large corporations that make substantial profits each year.
The challenge for small business owners like Munro is to find ways to remain relevant and competitive in an increasingly conscious market.
For consumers, it's about finding a balance between saving money and supporting the businesses that contribute to the vibrancy and economy of their communities.
In light of the 'No Buy' trend, what are the things you are willing to forego in order to save money? What do you think of local businesses and their sentiment about the trend? Share your thoughts and opinions about this trend with us in the comments section below!
Aussies have shared their New Year's resolutions for 2025—SDC members included.
One New Year resolution, which spurred on social media, struck a delicate balance between financial management and community support.
The 'No Buy' trend, popularised on social media, encouraged people to reduce their spending in 2025.
Participants of this trend shared the items they are willing to forego throughout the year.
These items range from new clothes and electronics to activities like dining out.
However, this trend sounded the alarm bells for small business owners.
Many 'No Buy' participants decided to forego online shopping and excessive takeaway orders. Image Credit: Pexels/Nataliya Vaitkevich
Queensland local Bonnie Munro, who runs Boho Bubbles and Brew Mobile Bar, pleaded to the public to patronise their products amid the trend.
Munro, who left her full-time job to focus on her business, felt the pinch of the trend firsthand.
'When I saw it first, I was like, "Oh, s***," because that means people are going to cut out their morning coffees,' Munro shared in an interview.
'It just goes on and on from there.'
The ripple effect of spending cuts could be catastrophic for small businesses, which often rely on their local communities to keep afloat.
The 'No Buy' trend was a response to the current economic climate, where inflation and stagnant interest rates continue to squeeze household budgets.
While the intention behind this trend was to save money, it could have dire consequences for small businesses.
The hospitality industry, in particular, felt the brunt of this new consumer behaviour on top of the effects of COVID-19.
According to the latest CreditorWatch business risk index, the food and beverage sector recorded the highest failure rate of all industries last October.
The index showed a 0.2 per cent increase from the previous year.
This became a concern for entrepreneurs like Munro, who feared that well-intentioned trends like 'No Buy' could push business failure rates higher.
New research from Compare the Market revealed that 77 per cent of Australians are trying to cut their spending to save extra cash.
The top items on the chopping block included takeaway meals, clothes, streaming services, coffee, holidays, alcohol, and even smoking.
While these cutbacks may help individual savings, they also reduce the revenue streams for local businesses.
'Please don't forget about us because that is our only income,' Munro implored customers.
Munro also suggested that people could focus on reducing purchases from 'the big guys'—large corporations that make substantial profits each year.
The challenge for small business owners like Munro is to find ways to remain relevant and competitive in an increasingly conscious market.
For consumers, it's about finding a balance between saving money and supporting the businesses that contribute to the vibrancy and economy of their communities.
