As the holiday season approaches, a recent survey sheds light on Australians’ festive spending habits, revealing a resilient approach to budgeting and a diverse range of plans.
As part of Savvy’s ongoing research into consumer sentiment and spending habits, we look at how Australians will be celebrating Christmas this year: if they’re spending big or tightening the belt, whether they’ll be taking a holiday, and which sales will attract their dollars.
A representative survey conducted by Savvy (n=1,000) has shown that 55% of Australians will be spending the same or more than last year, despite economic hardships.
40% of respondents said they would be spending the same amount of money, despite inflationary pressures diminishing the purchasing power of their dollar. 15% said they will spend more than last year.
42% of men said they would be spending the same as last year, with women slightly behind at 38%.
As for dollar amounts, 45% of Australians say they will spend up to $500, with 31% saying they are planning to spend between $500 and $1,000. 21% will splurge by spending over $1,000.
This year, 53% of the 25–34-year-old cohort will be spending between $0-$500, followed by the over 65 demographics on 52%. Slightly more women (47%) than men (42%) also said they will be spending modestly this Christmas.
As for how Australians will try to save on their gifts, 44% said they will be hunting for bargains online; 45% said they’ve taken to snapping up Black Friday sales; 44% said they would set an agreed gift spending limit.
Black Friday sales are popular among the young, with 58% of 18-24s and 57% of 25-34s partaking in the sales. Black Friday has eclipsed the traditional Boxing Day sale, with only 19% of Australians willing to wait for the 26th of December to nab bargains.
As for travel plans, 29% of respondents said they’d take a domestic getaway, with 17% saying they’d be local tourists with a “staycation” in their local area. 44% said they had no plans to travel.
Savvy spokesperson Adrian Edlington says the majority of people spending the same or more on Christmas may show people are looking to have a good end to a year plagued by economic doubts.
“Christmas is a special time and people want to cut loose and have a pleasant holiday they can look forward to,” he says. “People may have saved up specifically for Christmas, which is borne through these results as people are prepared to spend even more than last year, despite their hard-earned not going as far as it does today. If anything, it should give businesses a pause for relief, especially if they’re retailing online.”
For full survey report with graphics, click here.
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