The cost of friendship: why Australian social circles are shrinking
More than one fifth of Australians are cutting back on the number of people they socialise with
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Australian social circles are shrinking as more people look for ways to keep a lid on spending, a new survey has found.
New research from Finder found more than one fifth of respondents had dropped a friend or reduced their social circle because they were unable to afford the same levels of social activity. The survey questioned 1,041 people about how increasing concerns about affordability were affecting their social lives. The results showed 6 percent had cut ties with a friend, 16 percent were going out with fewer people and 26 percent were going to fewer events.
Expensive events such as hens’ parties and weddings were among the activities people were looking to avoid, indicating younger people were those most feeling the brunt of cost of living pressures. According to Canstar, the average cost of a wedding in NSW was between $37,108 to $41,245 and marginally lower in Victoria at $36, 358 to $37,430.
But not all age groups are curbing their social circle. While the survey found that 10 percent of Gen Z respondents had cut off a friend, only 2 percent of Baby Boomers had done similar.
Money expert at Finder, Rebecca Pike, said many had no choice but to prioritise necessities like bills over discretionary activities.
“Unfortunately, for some, social activities have become a luxury they can no longer afford,” she said.
Paine Schwartz joins BERO as a new investor as the year-old company seeks to triple sales.
The sports-car maker delivered 279,449 cars last year, down from 310,718 in 2024.
Paine Schwartz joins BERO as a new investor as the year-old company seeks to triple sales.
2 minPrivate-equity firm Paine Schwartz Partners is backing BERO, a nonalcoholic beer brand launched by British actor and “Spider-Man” star Tom Holland.
A person familiar with the transaction said it values New York-based BERO at more than $100 million and will help support the brand’s ambitious growth plans.
BERO co-founder and Chief Executive John Herman said the company aims to more than double its sales team and significantly expand distribution to roughly triple sales this year.
BERO, which Holland and Herman launched in late 2024, reached nearly $10 million in sales in its first year and expects sales to reach almost $30 million this year, said Herman, who previously served as president of C4 Energy brand drink maker Nutrabolt.
“We weren’t just looking for capital,” Herman said. “We were looking for great partners that could help us grow.”
Paine Schwartz is investing through BetterCo Holdings, a portfolio company in the firm’s sixth flagship fund that it formed late last year to hold non-control investments in better-for-you food and beverage businesses, Paine Schwartz CEO Kevin Schwartz said.
Ultimately, Schwartz said he expects BetterCo to hold five to 10 investments.
BERO, BetterCo’s third investment, falls within the firm’s typical growth investment range of $10 million to $25 million, he said.
Earlier BERO backers include leading talent agency William Morris Endeavor Entertainment and venture-capital firm Imaginary Ventures, which also participated in the latest investment.
“This first external raise is not just a milestone, but a validation of what’s been achieved in a single year,” said Logan Langberg, a partner at Imaginary Ventures.
When they started BERO, Holland and Herman tapped as brewmaster Grant Wood, a past Boston Beer executive who went on to found Revolver Brewing, now part of Tilray Brands.
The brand currently offers four types of beer, including two IPAs. Its products are sold at Target stores, on Amazon.com and at other retail locations, such as supermarket chains Sprouts Farmers Market and Wegmans Food Markets in the U.S. and Morrisons in the U.K. BERO is also available at a number of liquor stores and bars and restaurants.
The company also offers a $55 a year premium membership that offers such perks as free shipping and access to member-only products and limited-edition releases.
To help build the brand’s name, BERO has struck a series of partnerships, becoming the official nonalcoholic beer partner of luxury sports-car maker Aston Martin and fitness studio chain Barry’s.
Nonalcoholic beers, which generally contain less than 0.5% of alcohol by volume, have become increasingly popular and account for the biggest share of alcohol-free drink sales, according to the Beer Institute, a national trade association.
Sales of such drinks are growing at a more than 20% annual rate and were expected to exceed $1 billion in 2025, according to market-research firm NielsenIQ, citing so-called off-premise channel sales it tracks, such as sales at liquor stores and grocery stores. But the bulk of those sales come from the top five brands, such as Athletic Brewing, co-founded by a former trader at Steve Cohen’s hedge fund Point72 Asset Management, NielsenIQ said.
Alcohol-free drinks, the market-research firm said, have emerged as a lifestyle choice—one based not on quitting alcohol but expanding options, with most non-alcohol buyers also buying alcoholic drinks.
“There’s a pendular swing in behaviours that [is] happening right now when it comes to people’s relationship with alcohol,” Herman said.
Corrections & Amplifications undefined Nonalcoholic beer brand BERO offers its fans a premium membership for $55 a year. An earlier version of this article incorrectly said the membership costs $50. (Corrected on Jan. 20.)
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