Christmas shopping will set Aussies back $10.7 billion this year with 85 per cent of millennials spending up to $1000 on gifts, new Commonwealth Bank research reveals.
The 2018 Commonwealth Bank Christmas Consumer Spending Study found that some generous millennials (15 per cent) are splurging over $1000 on gifts (over $400 above the national average), with a lot saving only a month in advance (39 per cent), and finishing their festive shopping less than a week before Christmas day (31 per cent).
As a nation, the research shows it’ll be a mad rush to the end, with 2 million Aussies leaving their festive purchases until Christmas Eve, over half (56 per cent) heading in-store or online without a budget, and more than 1 in 3 not keeping track of what they’re spending (39 per cent).
Other key research findings include:
• The busiest shopping days – Christmas spending will reach a peak on the 15th, 18th and 22nd December, when most people will be shopping for friends and families.
• Husbands, dads, boyfriends and brothers – almost two thirds (62 per cent) of all men will be buying gifts without a budget in mind.
• NSW and the ACT biggest spenders – on average, NSW and ACT are set to spend the most on Christmas gifts, at $637, while VIC/TAS will spend the least, at $519.
• WA least likely to set a budget – more than half (61 per cent) of all WA shoppers admit having no plan for their spending over Christmas.
Stay in the black this Christmas, and leave the red to Santa with these simple tips:
• Be specific with your budget.
• Set a limit with credit card spending.
• Save ahead of time.