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Media Release

COVID-19 hits Christmas 2020: 7 million Aussies planning to cut costs

        • More than a third of Aussies (37%) will be tightening the purse strings this Christmas
        • 74% are stressed about their financial situation
        • Tips for lowering your festive spend

15 September 2020, Sydney, Australia – COVID-19 has put a dampener on Christmas spending this year according to new research by Finder, Australia's most visited comparison site.

A new Finder survey of 1,066 respondents revealed 37% of Australians aged 18 and above – equivalent to 7 million people – are planning to spend less money on Christmas compared to last year.

Those planning to spend less are reducing their budget by almost a third (32%), Finder research shows. With the average spend in 2019 at $969 per person on average, this would drop to around $659 ($310 less).

One in five (20%) will halve their annual Christmas outlay.

Data from Finder's Consumer Sentiment Tracker found that a whopping 74% of Aussies are stressed about their current financial situation.

Bessie Hassan, money expert at Finder, said that forward planning is the key to saving at Christmas.

"There are just 100 days to go until Christmas – this is still enough time to create a feasible budget and work out your savings strategy.

"Planning ahead can save you big bucks, especially if you spread the cost over a number of months rather than holding out until December.

"November sales events like Black Friday and Cyber Monday are also a great opportunity to nab a bargain across a huge range of products.

"But keep in mind that Christmas 2020 will likely break records for the number of online shopping deliveries. Leaving your purchases to the last minute will be risky," Hassan said.

After being disproportionately impacted by job losses during COVID, it's the younger generations who are the most likely to spend less this Christmas, with 41% of Gen Y and Gen Z cutting back.

Victorians will also be tightening the purse strings more than any other state, with 40% planning to spend less, followed by 38% of Queenslanders.

Hassan said that many Aussies may re-evaluate what is truly important this festive season.

"After the tumultuous year we've had, it's no wonder most people want to avoid a festive spending frenzy.

"While almost a third of us plan to spend less this Christmas, this doesn't mean the holiday period will be any less meaningful.

"If anything, I think people will appreciate the value of friends and family more than ever before," she said.

Are you planning to spend less this year on Christmas compared to previous years?
About the same47%
Yes, I will spend less37%
I don't spend money on Christmas6%
No, I will spend more5%
I don't celebrate Christmas4%

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Disclaimer

The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.

About us

Every month 2.2 million unique visitors turn to Finder to save money and time, and to make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.

Our free service is 100% independently-owned by two Australians: Fred Schebesta and Frank Restuccia. Since launching in 2006, Finder has helped Aussies find what they need from 1,800+ brands across 100+ categories.

We continue to expand and launch around the globe, and now operate in the United States and the United Kingdom. For further information visit www.finder.com.au.

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