Cashed-up Christmas: Australians set to spend $23.9 billion
Australians are spending big this holiday season, according to new research by Finder.
The average person is planning to spend $1,232 this Christmas, at a total national outlay of $23.9 billion, according to a new nationally representative survey of 1,015 respondents.
Gifts top the list of festive expenses, with Aussies expected to splurge $374 each on presents; however, this is down from $391 in 2020.
Women are on average set to fork out around 39% more on presents than men, spending $434 and $313 each respectively.
Sarah Megginson, senior editor of money at Finder, said the Christmas spending boom had well and truly begun.
"This year's Christmas is different to most, with millions of Australians coming out of lockdowns with stashed savings and pent-up demand.
"We're keen to see our families and loved ones, so travelling is going to be high on the agenda.
"Aussies have started their shopping earlier this year thanks to irresistible Black Friday/Cyber Monday deals which will help to alleviate supply chain setbacks and shipping delays."
As freedoms increase heading into December, Australians plan on spending $269 each on travel over the holiday season.
Finder's research shows some Australians will be having a boozy Christmas, spending $107 per person on alcohol over the silly season – a collective $2 billion across Australia.
Consumers are expected to spend $308 each on food and $174 each on eating/drinking out.
Megginson urged consumers to avoid going into debt.
"Christmas can be costly, so it's important that households prepare accordingly and don't blow their budgets.
"Try to offset higher spending with savings in other areas, such as switching car insurance for a better deal or refinancing to a cheaper home loan to reduce monthly repayments. You may even be able to get a new home loan with a cashback offer to give your savings a boost.
"If you aren't cashed up this Christmas, families could replace gifts with things like acts of service or experiences, like a picnic at the beach," Megginson said.
|How much do you think you will spend on the following, this holiday period?||Amount|
|Source: Finder survey of 1,015 Australians, November 2021|
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For more information on how Australians will be spending their money this holiday season, check out Finder's Christmas spending statistics page.