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News Hub Finances

How to spend your holiday season wisely

Finance News
25 November 2024 5 min read

It’s important to keep your festive season spending under control and we have 5 tips to help.

Research shows Australians are beginning to spend again in the lead-up to Christmas, splashing out more than in recent years on food, drink and gifts.

Roy Morgan and the Australian Retailers Association (ARA) predict Australians will spend almost $70 billion this festive season, up 2.7% on 2023.1

The Roy Morgan data, commissioned by ARA, also reveals:

  • The biggest group of shoppers this year are Australians aged 35-49.
  • 42% of Australians are expecting to buy fewer gifts
  • People in this group are tipped to spend an average of $965 each – a total of $4.4 billion (up $700 million on last year). 
  • 63% of shoppers say they will spend the same as they did last year, while 29% say they will spend less.
  • 16.7 million Australians will be buying Christmas gifts in total this year, up 1% on 2023.
  • Shoppers are forecast to spend $11.8 billion on presents in 2024, up $1.6 billion on last year’s figures.
  • Shoppers are projected to spend $28 billion on festive food this year, an increase of 4.2% on a year ago. 

Christmas and cost of living

Around 60% of Australians are feeling positive as inflationary pressures ease, according a report by global data and insights company Pureprofile2

This is higher than in recent years – 54% in 2023, 57% in 2022 and 56% in 2021. 

But many people are still cautious about spending. Our research3 has shown that 64% of Australians have a monthly budget that they stick to, with approximately half agreeing that they review and adjust their budget as needed.

christmas shopping

5 tips to help you limit end-of-year costs

Cash in pre-Christmas Cash in pre-Christmas

Boost your festive finances by selling items you no longer want online, in a garage sale, or at a local buy-swap-sell. Cashing in on items like clothes, books, jewellery, furniture, or sporting equipment can make way for the new.

The items you no longer want could also be just the gift someone else is looking for this Christmas, so it’s a win-win.

Make a list (and check it twice) Make a list (and check it twice)

Lists are great guard rails to help keep you on track.

Make a list for presents and how much you want to spend per person.

A list for entertainment, including food and drinks, may also be helpful to keep a check on spending.

Track your spending Track your spending

Making lists and budgets aren’t particularly effective if you don’t keep an eye on the money going out.

Keeping track of your festive spending is the best way to avoid going over your holiday season budget.

Use an app, write it down, or keep track through your online banking.

Avoid Christmas credit Avoid Christmas credit

Festive season debt may linger long enough to impact you throughout 2024. So, be careful with your credit card at Christmas.

Reserve Bank of Australia statistics4 show there was around $41 billion outstanding in retail payments on credit and charge cards in Australia at June 2024.

Don’t get stung by unexpected fees Don’t get stung by unexpected fees

It’s easier than ever to shop online. But make sure you check delivery fees and how you might avoid them. One way is to choose Click and Collect options that mean no delivery fees.

You can also make sure you avoid any nasty currency exchange surprises by knowing where you’re buying your item from when you add to cart.

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We’re here to help

Find out more about advice options

 

1. Media Release, Australian Retailers Association, 8 November 2024, Christmas comes early for retailers as Aussies buy sooner and spend more, accessed 19 November 2024.
2. Media Release, Pureprofile, We’re beginning to spend again at Christmas, 21 October 2024, accessed 19 November 2024.
3. Survey of 1000 Australians carried out by IPSOS on behalf of Australian Retirement Trust, September to November 2023.
4. Statistical release, Reserve Bank of Australia, Retail payments June 2024, at rba.gov.au, accessed 20 November 2024

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