Australian's admit to cutting friends from the Christmas list this season

08-Dec-2014 1:19 PM

Australian’s reveal their most popular ways to save this Christmas

Sydney, 8 December 2014 – With the Christmas shopping season now in full swing, St.George Bank’s annual Christmas Consumer Spending Report reveals Australian’s most popular ways to save money this festive season.

The research reveals that 23% of Australians aren’t worried about costs this Christmas, which is an increase of 5% compared to last year, and nearly half (44%) said they had reduced their Christmas financial worries this year by already purchasing their gifts earlier in the year.

Overall Australian’s are feeling confident to spend with one in five (18%) of Australians saying they will cut back on spending this year -  a 11% decrease compared to this time last year when 28% of Australians declared they will curb their spending.

Christmas gifts were marked as the biggest contributor to the expense list, and there are a number of way’s Australian’s voted on to keep spending down, including:
 

  • Put money away earlier in the year – the most popular way to save voted by more than a third (39%) of Australian’s.

  • Reduce the number of people on your Christmas list – more than a third (37.7%) of Australians voted friends the most likely group to be cut from the list. Conversely partners make the very top of the Christmas list followed by children, then parents and siblings.

  • Go halves with family and friends -  one in five Aussies will go halves with a family member or friend this Christmas.

  • Hand-make or DIY your Christmas presents, chosen by 13% of Australians.

  • Set yourself a Christmas spending limit and stick to it! $500 still remains the most popular spending limit for gifts according to two-thirds of Australians.

Ross Gillam, Head of Retail Banking at St.George said the research follows a trend from the past 12 months showing Australians are becoming a nation of savers, being much more savvy through budgeting better and saving throughout the year.

 “The fact that Australians are able to save more reveals much less cautious behaviour than previous years, and we’re seeing a strong willingness to spend - particularly on immediate family members.”

“While nearly half admitted to already shopping for many of their gifts, I think we’re still in for a busy spending season as a further 50% of respondents nominated the week and weekend before Christmas as the most popular time to do their shopping,” Mr Gillam said.

A quarter of Australians (24%) plan to be finished their shopping within the first two weeks of December, but the vast majority (56%)  are planning to be finished in the week leading up to Christmas.

And who will complete their shopping first? Those aged 60 and over are most likely to be already finished Christmas shopping, followed by women in their thirties who were most likely to finish shopping by mid-December and men more likely (17%) than women (11%) to leave their shopping until Christmas Eve.
 
Key findings:
 

  • One in five (18%) Australians said they will cut back this year, compared to one in four (28%) last Christmas.
     

  • 26% of Australians say gifts are the most expensive part of Christmas, followed in close rank order by catering (22%), Christmas parties (18%), travelling to see family (17%) and decorating the house (9%).

 

  • While 39% of people have already saved money for Christmas, another 22% will still need to save more in the next two to three weeks to cover their costs, 16% said they will cut back in the weeks leading up to Christmas and 12% said they will be putting it on their credit card.

  

  • Three quarters of Australians plan to spend $500 or less on Christmas gifts with a further 23% spending between $100 and $250. Men were more likely to be more generous with their gifts than women.
     

  • A quarter (25%) plan to be finished their shopping in the first two weeks of December with the majority (56%) planning to be finished in the week leading up to Christmas. Those aged 60 and over are most likely to be already finished Christmas shopping, followed by women in their thirties who were most likely to finish shopping by mid-December and men more likely (17%) than women (11%) to leave their shopping until Christmas Eve.

Topic: General News

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