Dodging the crowds, What are Australia's busiest Christmas shopping days?

Dodging the crowds, What are Australia's busiest Christmas shopping days?

Australians are planning to spend around $11 billion this Christmas, with new research from the Commonwealth Bank putting each person’s average spend at around $593.

While the busiest shopping days of the season traditionally fall on the last weekend before Christmas, with the holiday falling on a Monday this year, according to the Commonwealth Bank Christmas Consumer Spending 2017 Study, the busiest shopping period will be 15 to 17 December, when 8.5 million Aussies are planning to do their holiday shopping. 6 million of these people are planning to do their shopping on Saturday 16 December. The second busiest shopping period is expected to be the weekend of 9 and 10 December.

With 43% of surveyed Aussie shoppers having not set a budget this Christmas, CBA executive general manager, Clive van Horen, said that Aussies will likely overspend by $625 million this year:

“Christmas isn’t only an expensive time because of gift buying. It’s also a time of year where we entertain and go out more and spend a little extra on our homes so it’s really important we set a budget and keep track of how much we are spending and where that money is going.”

The number of people planning to do some shopping online this year is up 1.1 million to 13.3 million and has increased across all demographics. Gen Y is expected to do the most online shopping (86%), and are also the most likely to browse in-store, then go online for a bargain (44%) Gen Z takes the opposite strategy, with 62% doing their research online then buying in-store.

Looking state by state, Aussies in South Australia and the Northern Territory spend the most on Christmas presents, while Queenslanders spend the least. Victorians and Tasmanians spend the most on family members and friends while those from South Australia and the Northern Territory are the most generous towards their work mates. Queenslanders spend the least on family, friends and workmates.

State Population Xmas gifts – Average spend Xmas gifts – Total spend Joint presents average spend – Family Joint presents average spend – Friends Joint presents average spend – Workmates
NSW/ACT 6,316,000 $608 $3.8 billion $136 $44 $16
VIC/TAS 5,145,000 $621 $3.2 billion $157 $46 $20
QLD 3,707,000 $508 $1.9 billion $95 $22 $7
SA/NT 1,529,000 $671 $1.0 billion $155 $29 $25
WA 2,019,000 $577 $1.2 billion $139 $34 $12
Total 18,716,000 $593 $11.1 billion $136 $38 $16

Did you find this helpful? Why not share this news?

Advertisement

RateCity

Money Health Newsletter

Subscribe for news, tips and expert opinions to help you make smarter financial decisions

By signing up, you agree to the ratecity.com.au Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy

Advertisement

Learn more about bank accounts

Can you deposit money into somebody else's bank account?

One of the easiest banking tasks in the world is depositing money. You can even deposit money into someone else’s bank account if you wish.

The basic information you need to deposit money into a third-party bank account is:

  • Payee’s name
  • Bank, building society or credit union (though this isn’t necessary)
  • BSB (or bank code, which is the branch identifier)
  • Account number

Including the name of the financial institution isn’t necessary – particularly with online banking – because the BSB will identify this for you.

A handy tip is to record yourself (or add a personal message) in the transaction description or reference. This will show up on the recipients account, letting them know who’s paid them the money.

Can I open a bank account in another country?

Despite having a bad rap for facilitating tax evasion, it is possible and legal to open a bank account in another country, also known as an ‘offshore account’.

Some people choose to open a bank account in another country to invest overseas, for higher interest-earning potential or to access foreign banking services.

The process for opening an offshore bank account differs depending on the financial institution and country in which you’re opening the account.

Typically, you will need to provide identification such as a passport, a local bank statement and a signed declaration proving the source of the money being used to open your account. Usually, deposits into offshore accounts can be made by international money transfer.

How can I close a Commonwealth Bank account?

You can close your Commonwealth Bank account at any branch, provided you have appropriate identification. You can also close your account over the phone, by calling 132 221, 24 hours a day.

How do I open a new bank account?

There are a number of ways to open a new bank account – online, over the phone or in the branch. The trick is to decide what type of bank account you want beforehand.

It might sound like a simple enough task, but there are literally hundreds of bank accounts to choose from. And each offer their own banking features and benefits.

A comparison site like RateCity can help you work out what bank account product matches your needs.

Once you’ve made up your mind what you want, it’s advisable to have the following information ready for the application process.

  • A couple of forms of identification (such as driver’s licence, Medicare card, passport)
  • Tax file number
  • Residential address, contact phone number and email (though email is not essential)

Do you need a bank account to get a credit card?

To get a credit card, you need to show proof of income, which will almost certainly require you to have a bank account.

Can I set up a bank account online?

Most Australia-based lenders will allow you to set up a bank account online. Requirements vary from lender to lender, but you will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary ID.

How can I wire money to a bank account?

You can wire money to an Australian bank account either through your own bank or by using a money transfer company such as Western Union or MoneyGram. Either way, you’ll need the other person’s name, BSB number and account number. If you use a money transfer company, you might also need to provide the recipient’s address for large payments.

How do you transfer money from PayPal to a bank account?

Transferring money from PayPal to an Australian bank account is simple. Just follow these three steps:

  • Go to your Wallet
  • Click ‘Transfer Money’
  • Follow the instructions

The money will take three to seven business days to reach your bank account.

Once you’ve made the transfer request, it can’t be withdrawn.

Can I close my bank account over the phone?

In most cases, you can close a personal or business bank account over the phone. In fact, this is the best way to ensure you’ve closed an account properly.

By speaking to a banking representative, you can capture and close out any pending transactions, or interest owing/payable on the account being closed.

In the instance where the account is a joint account, or you have multiple bank accounts you want to close, your bank may send you a form that you need to fill out and return.

Either way, you would be advised over the phone of the steps you need to take. Calling your bank ahead of closing an account is often a smart course of action.

Are bank accounts frozen when someone dies?

Yes, Australian bank accounts are frozen when someone dies. If you want to close the account of somebody who has died, you might have to provide proof of death and a copy of the will. You might also have to prove your relationship to the deceased person.

If you have a joint bank account with somebody who has died, you will generally be entitled to all the money in the account. Again, you might have to provide proof of death if you want to change the bank account from a joint account to a one-person account.

Can foreigners open bank accounts in Australia?

Many Australian lenders allow foreigners to open bank accounts in Australia. Often, this can be done before you arrive in the country – with no Australian address required. When you get to Australia, you can pick up your debit card, using your passport as identification.

Can I have a PayPal account without a bank account?

You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.

How do you open a bank account under 18?

If you’re under 18 and you want to open an Australian bank account, you will need your passport or birth certificate. (Some lenders might require just a Medicare card or driver’s licence.) You can apply online or at a branch. If you’re 13 or under, you will probably need a parent to accompany you to a branch.

Can you find your bank account number online?

If your bank offers online services, you should be able to find your bank account number online by logging into your account on your bank’s website and checking your details there.

Keep in mind that each type of account you have with a bank comes with a unique account number. This means if you have a bank account as well as a savings account, for example, your bank account number and your savings account number will be different.

If you don’t have access to your bank account online or can’t login, you should be able to find your account number on a mailed bank statement, if you have one.

Alternatively, you can call your bank’s customer service number or visit a branch to retrieve your account number.