The season for shopping: creditcardfinder.com.au Christmas Shopping Survey reveals $8.3 BILLION price tag
- Australians to spend $8.3 billion on Christmas presents this year
- South Australian and Queenslanders spend the least on Christmas presents
- Watch your Christmas spending: tips to keep you under control with your credit card
December 1, 2014, Sydney, Australia – With the official spending season kicking off today, new research reveals Australians are expected to spend $8.3 billion on Christmas gifts this year, with an average total spend of $488 per adult, according to Australia's biggest credit card comparison website creditcardfinder.com.au, which is part of the finder.com.au network.
The creditcardfinder.com.au Christmas Shopping Survey of more than 1,000 Australian adults also found that over one in 10 (12 percent) will spend over $1,000 on Christmas gifts, 3 percent of which plan to spend over $2,000.
Over one in four Australians (27 percent) will be spending $500-1,000 on Christmas presents this year, while more than half (61 percent) will keep their present budgets below $500.
Comparing states, those in the Australian Capital were the biggest spenders, forking out almost $600 on Christmas presents, on average.
Those in Queensland and South Australia on the other hand were the cheapest when it came to their Christmas gift budget, with an average spend of $420 for both states.
Average Christmas present budgets in each state
|Australian Capital Territory||$597|
|New South Wales||$539|
Source: creditcardfinder.com.au Christmas Shopping Survey, ranked by highest average spend per state
The survey was commissioned last month (November) and conducted by global research provider pureprofile.
Michelle Hutchison, Money Expert at creditcardfinder.com.au, said the findings highlight the need for Australians to control their spending at this time of the year.
“With Christmas around the corner, it can be easy to blow the festive budget, especially when it comes to buying presents.
“Our survey shows that many men and women of all age groups are planning to spend significantly on buying Christmas gifts. So it’s important to control your spending and keep track of your budget or you won’t enjoy the festive season.”
Generation X (aged 35-54) will be the biggest group of spenders on gifts this year according to the survey, with an average spend of $530. They are followed by Gen Y (aged 18-34) with an average spend of $512. And Baby Boomers (aged 55-74) are planning to spend the least, of $458 on average.
Comparing genders, women are planning to spend slightly more on Christmas presents than men, with an average spend of about $500 compared to $480 for men. However, a higher proportion of men are planning to hit over $1,000 on gifts (13 percent) compared with women (11 percent).
“It's the most expensive time of year and many Australians feel the pressure to buy more than they necessarily can afford.
"In fact, Australians spent over $25.66 billion in December last year alone with credit cards – 11 percent higher or $2.41 billion more than the previous month. It was also $2.37 billion more than December 2012.
“Many Australians rely on their plastic to get them through Christmas. Earlier this year we conducted the finder.com.au Christmas Debt Survey and found that the majority of people used their credit cards for their Christmas shopping last year. Out of those cardholders, about 200,000 will still be paying off this debt in 2015.
“And we don't expect this year to be any less of a spending headache, with creditcardfinder.com.au estimating that we will spend a whopping $26.68 billion on our credit cards in December.
“Using credit cards for purchases can be harder to keep track of your spending because you’re not withdrawing cash. So if you are planning to use your credit cards for your Christmas shopping, make sure you set a budget before heading out or jumping online, record your purchases or collect your receipts and don’t forget to take into account extra costs like credit card surcharges and shipping.
“And if you find yourself in over your head after your shopping spree, make sure you compare balance transfer credit cards to save on interest while paying off your debt,” said Mrs Hutchison.
For further information
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.
finder.com.au is Australia's most visited comparison website and has helped over 4.8 million Australians find better credit cards, home loans, life insurance, shopping deals and more since 2006. finder.com.au compares 250 credit and debit cards from 31 providers, over 300 home loan products, and information from 13 life insurance providers as well as online shopping promo codes, mobile phone plans, travel insurance and more. One Australian every five minutes is using finder.com.au to find better (Source: Google Analytics).