11.2 million Australians have admitted to overspending on food and groceries during the holiday season compared to the rest of the year, according to new research from Commonwealth Bank.
The Christmas Day feast has also been found to be the most expensive meal of the year for more than half the country (54 per cent).
38 per cent of Australians admit to starting their food shopping up to one month beforehand.
CommBank research found:
- 89 per cent of Aussies will celebrate the Christmas meal at home, or at the home of family and friends. Only 5 per cent are dining out in restaurants.
- Baby boomers are the most likely to host the Christmas meal (46 per cent), as well as spend the most on groceries (65 per cent) and begin shopping up to one month beforehand (45 per cent).
- A quarter of Millennials (24 per cent) believe that overspending on food and groceries is why they struggle to stick to a Christmas budget. 22 per cent will end up having post-holiday regrets on how much they spend at this time of year.
Rohan Ritchie, General Manager Everyday Banking and Retail FX, said “it’s only natural we want to give generously to our friends and family at Christmas and hosting a delicious meal is a great way to do this.
“Unfortunately, how much we’re spending is often the last thing on our minds and we often don’t add it all up until after the holiday period.
“To keep this festive period carefree and avoid a spending aftershock, it’s helpful to keep track of how much you have spent and work from a budget,” Mr Ritchie said.
CommBank Christmas financial tips:
Make a budget (and check it twice): Make sure you’re specific with your money and split it into categories such as fresh produce and grocery staples.
Portion control – Work out how many people are coming and read up on serving guides so you don’t over cater.
Watch out for bargains: Shop for bargains and bulk buy items in the supermarket to make sure you’re getting the best price.