For many Australian families, Christmas is a time for family, friends and gift giving.
With festive purchases like food, entertainment and presents, it’s the season of spending for the average Australian.
But how much do Aussies really spend at Christmas?
How much are Australians spending over the holidays?
Spending certainly goes up over the Christmas season, with gifts being the biggest instigators for the spending rise.
Commonwealth Bank’s 2017 research found that Australians are set to spend $11 billion over the Christmas season. The study found that men and women tend to have different buying habits when it comes to gift giving. While 76 per cent of women start shopping at least a month before Christmas, 23 per cent of men will leave shopping until just a few days before Christmas.
However, it’s not just gifts that cause the spending swell. Australians also spend millions on entertaining. In 2016, New South Wales residents spent an average of $399 – $242 on entertaining friends at home and $157 on extra food and drinks outside the home.
What’s the average amount spent per person?
The average spend across Australia for Christmas gifts is sitting at $593 per person according to Commonwealth Bank’s 2017 study.
However, the research also found that spending varied from state to state. South Australia and Northern Territory spend the most on Christmas gifts, followed by Victoria and Tasmania. Queensland rounds out the bottom of the list, spending an average of $508 per person for Christmas gifts.
Should I set a budget for my Christmas spending?
Setting a budget for your Christmas gifts is essential if you want to prevent over-spending. To begin your budget, you’ll first want to make a list of everyone you plan to buy for before you head to the mall. Assign a budget to each gift, and don’t forget to add those pesky extras like wrapping, bows or postage if you need to mail any gifts.
After you’ve set your budget, the last step is sticking to it. The best way to stay on track is to only consider gifts within your price range, and not to be tempted by products that will blow your budget.
Beyond gifts, you’ll also want to budget for entertainment over the holiday season. If you’re hosting a barbecue or Christmas dinner, decide how much you’re willing to spend on food and drinks. A comprehensive budget will help you stay within budget throughout the entire season.
Christmas might be the season for family and friends, but it’s also the season for spending. Don’t forget to set your budget and stick to it, and, of course, enjoy the holiday season.