Australians significantly ramped up their online spending in 2023, with an estimated additional $192 spent per person compared to the previous year, according to the latest Digital Economy Index from Airwallex.

The report, which monitors the performance and progress of Australian digital businesses, revealed a nearly 20% increase in e-commerce spending during the peak sales season.

Most states demonstrated robust growth in online business turnover, with the exception of NSW and Victoria, which showed a slowdown in the most recent quarter. In all, spending in the year to end of 2023 in Australia was estimated at $6055, up from $5863 the year before.

The Airwallex Digital Economy Index provides year-to-date spending per adult, as well as quarter-by-quarter snapshots of the digital economy by state and industry.

"Australia’s digital economy finished 2023 in a solid position with a strong $200 uptick in per person spending," said Airwallex Australia and New Zealand Managing Director, Luke Latham. He also pointed out the increases were primarily driven by e-commerce, travel, and financial and insurance spending.

Latham further suggested businesses with established online strategies stand to benefit from the resurgence of consumer confidence in regions where spending is on the rise. This insight could be a valuable pointer for businesses looking to capitalise on the growing digital economy.

The Airwallex group, which processes around $80 billion in annualised transactions each year, based its findings on data from a sample of 1000 of its customers. The report also provided estimated digital spend per adult by state and Digital Business Turnover by industry.

The report's findings underscore the growing importance of the digital economy in Australia, and the potential opportunities for businesses that can effectively tap into this trend. With consumer spending showing no signs of slowing down, it's clear that the digital economy will continue to play a crucial role in Australia's economic landscape.