Aussies will be spending big this Christmas, and depending on how old you are, it might be more than the national average.
Are you thinking of pushing that credit card by spending on more than a few presents for family and friends this holiday season? You won’t be alone, at least according to research, and depending on your age, the number could be seriously significant.
Commonwealth Bank’s 2018 Christmas Consumer Spending Study has been released, and found that while the national average for gift spending is $573, if you’re a millennial, you could very well be spending more. In fact, it might be much more, with 85 percent of millennials spending up to $1,000, while the remaining 15 per cent of millennials spend more, some of which will leave the shopping up to the last week before December 25.
Leaving it to the last minute will be fairly common, with over two million Australians waiting until Christmas Eve on December 24 to buy things, and 56 per cent shopping without a budget, with Western Australians guilty of forgoing a Christmas shopping budget more than any other state.
If you’re bringing out that credit card for the occasion, Commonwealth Bank suggests setting a credit card limit and being specific with your budget, because it won’t just be West Australians doing this, with 62 per cent of all men buying gifts doing so without a budget.
“The joy of Christmas often comes from giving the perfect gift. With fantastic in-store and online shopping experiences on offer, it’s easy to get caught up in the festive frenzy and lose track of what you’re spending,” said Executive General Manager of Everyday Banking at Commonwealth Bank, Michael Baumman.
“We all know that the hip pocket can incur a significant hit during Christmas. Setting a budget can help you keep your spending in check but the trick is to be specific,” he said.
“Understand what you can feasibly spend in total and then break this down into categories, such as presents, food, travel, to name a few. This will help you avoid unexpected costs, and know where you can afford some wriggle room if you need it.”
Regardless of how you spend — budget or none — your dollars will be counted under the grand total, which CommBank projects at an estimated $10.7 billion locally.