Australian shoppers intend to enjoy a smaller Christmas this year, new research shows.
Bargain hunting and shopping early online are also on the agenda, with three in four respondents to a survey conducted by Westpac saying they will be cutting back on their Christmas spending.
The research found that 74% would be actively seeking bargains and looking for coupons, deals and cashback offers to help stretch their spending further.
“Budgeting is top of mind as we head into the peak spending season, with households planning smaller and simpler festivities with the higher cost of living,” said Steve Rubenstein, Westpac Managing Director Consumer Finance.
“Our research showed that shoppers are also becoming savvier with their spending through purchasing gifts throughout the year and hunting around for the best deals, rewards, and loyalty programs.
“We know that on average, Australians are planning to spend $836 in total this Christmas, with millennials intending to spend the most at $948”, Rubenstein added.
According to the research, that spending is going to cover a wide range, from food and drink (46%), clothes and personal items (29%), travel (24%), celebrations (20%), new technology (14%), entertainment (13%), to home maintenance or DIY (11%) and beauty services (11%).
Westpac Chief Digital Officer Jason Hair observed that more customers have been accessing the bank‘s online budgeting tools as they
Moneysmart.gov.au also offers free tools, tips and guidance to help Australians gain control of their money, so you can focus on what really matters at this crazy time of year, and throughout the other eleven months.
