Yahoo Finance Millions of Aussies aren’t buying presents this Christmas
Two in five Aussies won’t be buying gifts this Christmas, new research has revealed, with many Aussies planning to cut back this festive season.
The CHOICE survey found more than a third of Aussies (34 per cent) planned to spend less on Christmas this year compared to last. Of those, 62 per cent said this was because they had less to spend due to the rising cost of living.
On the flipside, 27 per cent of the 1,000 Aussies surveyed said they would spend more this year. Nearly half said this was because things were now more expensive because of inflation.
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“Although Christmas is typically depicted as a joyous time of year, it can also be a major source of financial stress for many people,” CHOICE editorial director Marg Rafferty said.
“The cost of presents and entertaining family and friends means many people struggle during the festive season.”
Roy Morgan recently estimated Aussies would spend a whopping $64 billion in the lead-up to Christmas this year.
According to CHOICE, 31 per cent of Aussies weren’t sure how they would fund extra expenses this Christmas, while 43 per cent said they found it hard to stick to a budget. CHOICE has warned Aussies against using buy now, pay later schemes to cover the cost.
“These schemes can create potential debt traps for people who are already struggling financially,” Rafferty said.
How to save money this Christmas
Food and drink was the most common expense expected this Christmas, with 71 per cent of Aussies saying they would spend money on it.
Rafferty said Aussies could save by opting for cheaper or homebrand products and looking out for supermarket specials.
“Creating a budget, writing a shopping list and shopping around for specials can also make a big difference when it comes to saving money at the supermarket this Christmas,” she said.
Getting creative with Christmas gifts could also cut down on costs and Rafferty suggested giving a meaningful experience instead, such as a trip to the movies or cooking your favourite recipe together.
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