Aussies splurge $11 billion on Christmas shopping
New Commonwealth Bank research reveals Aussies are planning to spend $11 billion this year and six million people expect to do most of their shopping on Saturday 16 December.
The number of people planning to do some shopping online this year is up one million to 13.3 million and has increased across all demographics.
With average spend sitting at $593, up 25 per cent over the last five years, CBA Executive General Manager Clive van Horen encourages people to keep track of their spending during this busy period.
“While slightly more of us have set a budget this Christmas, Aussies will overspend by a huge $625 million. Keeping track of spending is clearly not on the Christmas list for nearly 40 per cent of shoppers.”
Busiest days
Women are the most likely to start and finish their shopping earlier, but we can expect big spending across 15, 16, 17 December when 8.5 million people plan to shop.
Traditionally, the last weekend before Christmas is often the busiest, but with Christmas falling on a Monday this will be a little quieter than usual.
Women expect to wrap up their shopping by 17 December, although 23 per cent of men will leave it to the last minute and still be picking up gifts on 23 December.
How much cash we’re splashing
Baby Boomers and Generation X are planning on spending the most this year although they plan to spend slightly less than in 2016, meanwhile Generation Y will spend around $557 which is up 14 per cent on last year’s spending.
When it comes to chipping in for presents, Aussies will typically contribute three times more for a family member ($136) than a friend ($38), with even less going towards work mates ($16).
Those aged over 49 spend $35 or less on friends.
How much do you plan on spending on Christmas presents this year? Do you have a Christmas budget?
I have a Christmas budget and generally stick to it. Food costs averages the same every year. Under 100 due one daugher.Do not buy for family and friends,My daughter spends more than me on gifts due to friends contrbuting to gits at work and her mother.Spending for ne has decrased owing to nieces nephews now adults. My [arents deceased. As time ticks over you spend less.
Give Give to charity instead of family