Australians are set to indulge this Easter holidays with the latest report from IBISWorld revealing our holiday-loving nation will spend approximately $2.9 billion over this Easter period.
Up 3.4 percent on last year’s record Easter spend of $2.8 billion, this year promises to be another budget bender with Australians set to spend abundantly on holidays, food, beverages and chocolate.
Out of the $2.9 billion holiday spend, Aussie chocolate lovers will spend over $191 million of that on the signature dark stuff.
But easily set to trump chocolate this year in expenditure is the Easter holidays.
Australians will spend over $1.2 billion on travel and holidays this Easter period, with most families taking advantage of the school holiday, which combines with the Easter public holidays and Anzac Day long weekend.
We will also spend over $24 million on fish and seafood, almost $140 million on alcoholic beverages and a staggering $1.2 billion on food and beverages.
“Over the past decade, Australian palates and kitchen habits have shifted away from simple meat-and-vegetable meals towards more diverse and creative options, spurred on by the popularity of cooking television shows,” IBISWorld Australian general manager, Karen Dobie, said.
“Seafood is a key category that has benefited, allowing fish, prawns, scallops and more to secure their place on the Australian table, particularly during traditional celebrations such as Easter and Christmas,” she said.
But with Australian credit card debt currently hovering over $49 billion – $35 billion of which is earning interest, there is a concern the nation is spending above their means and should be more money mindful over the beloved holiday season.
“Easter long weekend is a great time for Australian families to get together and enjoy some good food, but it doesn’t have to leave you out of pocket,” chief executive officer of RateCity, Alex Parsons said.
Five tips for keeping costs down this Easter
- Work out a reasonable Easter budget and stick to it.
- Use cash and avoid putting holiday expenses on your credit card. This will save you on bank and interest charges.
- Track your spending over the break so you’re not left paying off debt for months afterwards.
- Invite your family over for a home-cooked meal instead of dining out.
- Always compare products and services online to make sure you are getting a great deal over the holiday period.