The festive season is a time for celebrating with family, friends and good food – but it doesn't come cheap.
A nationally representative Finder survey of 1,061 Australians aged 18 and over asked respondents how much they plan to spend across five key categories this Christmas. Here is what we found.
How much are Aussies planning to spend?
Australians are set to fork out $30 billion on everything from presents to pina coladas this festive season. That's equivalent to a 10% increase compared to last year's estimated $27.3 billion spend.
The average Aussie is expected to spend $1,479 this Christmas on presents, food, alcohol, eating out and travel.
Victorians will be spending the most of any state ($1,765), followed by those in New South Wales ($1,657).
What are we spending our money on?
Travel comes at the top of the Christmas list this year, with an estimated $533 spend per person. This is closely followed by presents ($373) and food ($249).
Millennials are predicted to spend the most overall this Christmas ($1,924), while Gen Z plan to spend the least ($1,023). Gen X will spend the most on gifts ($408), while Millennials take the lead on eating out ($179) and Baby Boomers spend the most on alcohol ($524).
Men ($1,714) will be spending significantly more than women ($1,245) this holiday season. However, women will fork out $406 each on gifts on average – that's 19% more than men ($341).
Residents of New South Wales will splurge the most on travel ($710), while Queenslanders will spend the least ($316).
How Aussies are reducing their spending this Christmas?
More than two thirds of Australians (69%) are slashing their spending to get the most out of their festive dollar.
More than 1 in 4 (26%) plan to shop for goods during the Black Friday sales weekend to save money, while 25% will start buying food and presents early to help control their spending.
Almost 1 in 5 (18%) will implement a gift giving limit with loved ones and 13% will skip trips away and stay at home to curb costs.
In order to tackle the end of year expenses, 8% have started a side hustle or taken on a second job. The same amount (8%) will be making gifts, and 7% will be regifting.
Inviting less people to their events (6%), opening a holiday savings account (6%) and a present-free Christmas (6%) were all tactics Australians were implementing to lessen the blow this Christmas.
How to save money this Christmas
Shop during the sales. You can pick up Christmas goodies for a fraction of the regular price during the pre-Christmas sales. During this time huge discounts are offered across a range of fashion, homewares, electronics and more.
Set a budget ahead of time. Many people get caught up in the spirit of festive giving and before long have spent far more than they expected. Keep costs down by budgeting ahead of time for gifts, decorations and food.
Online shopping can be cheaper for first-time customers. Many retailers offer a 10–20% discount for first-time customers who sign up online with an email address. This is an easy way to score a deal and you can always unsubscribe at a later date.
Open a Christmas savings account. Gradually adding to an account over the course of year means you can easily have $500-$600 saved by the time Christmas arrives. This type of account generally restricts access until the start of the holiday season, so you won't be tempted to dip into your savings before then. And savings accounts now start with a "5" instead of a "1" like they previously did.
Don't say "yes" to everything. From end of year celebrations to office Christmas parties, silly season merrymaking can come with a hefty price tag. It's okay to turn down the odd event here and there. This can end up saving you a small fortune over the holiday period.
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