Till bells ringing: Australians set to spend $17 billion this Christmas
The pandemic may have changed the way we celebrate this year, but it hasn't put a dampener on Christmas spending.
A new nationally representative Finder survey of 1,011 Australians revealed that the average person is planning to spend $893 this Christmas, at a cumulative national cost of $17.3 billion.
Gifts top the list of festive expenses, with Aussies expected to fork out $391 each on average.
We're also planning to spend $352 on travel, despite border restrictions still in place across a number of states.
Kate Browne, personal finance expert at Finder, said that with one month to go until Christmas, the buying season has well and truly begun.
"Despite the turbulent year we've had, it looks like COVID-19 won't be ruining Christmas for this nation of festive spenders.
"That said, the holiday season is expensive, and the cost of presents, food and decorations can leave a serious dent in the household budget.
"The Black Friday and Cyber Monday sales are almost here, providing a great opportunity to purchase Christmas presents and supplies at a discount.
"Aussies can expect to find huge savings across fashion, tech, homewares, appliances and more," Browne said.
The research found that the biggest festive spenders are from New South Wales, with residents there planning to fork out $1,010 on average.
In comparison, Western Australians are forecast to spend the least, with the average person budgeting for around $705 this Christmas.
Browne said that Aussies should take measures to reduce financial stress during the holiday period.
"Christmas can be costly, so it's important to implement some tried and true money saving techniques.
"Write a Christmas shopping list ahead of time, stick to your budget and don't rely on credit cards you can't afford to pay off.
"It also helps to start shopping as early on as possible, so you can spread the cost over a couple of paycheques.
"The upcoming sales are also a savvy way to shop at a discount, or else you can hold off until the Boxing Day sales instead," Browne said.
|How much do you think you will spend on the following items this Christmas?|
Source: Finder survey, October 2020
How to lower the cost of Christmas:
- Don't say "yes" to everything. The festive season is full of social engagements and this can leave a serious dent in your savings. Rather than accepting every invitation, pick a few important events and stick to those instead.
- Use your vouchers. Christmas is a great time to get rid of those unused vouchers. Ransack your drawers and wallet for any remaining gift cards and use the store credit for gifts.
- Set a gift limit. Buying a gift for every single member of your extended family can really add up. Instead, suggest that everyone buys for one or two family members This will save you a small fortune on presents.