AUSTRALIANS will spend close to $11 billion on Christmas this year, with 85 percent of millennials spending up to $1000 each on gifts, new research has revealed.
The 2018 Commonwealth Bank Christmas Consumer Spending Study* found that 15 percent of millennials were splurging OVER $1000 on presents.
The research also suggested it’ll be a mad rush at the shops in the lead up to Christmas, with two million Aussies leaving their festive purchases until Christmas Eve.
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It also revealed more than half of us head in-store or jump online without a budget, while more than 1-in-3 of us don’t keep track of what we’ve spent.
Commonwealth Banks Executive General Manager for Everyday Banking Michael Baumman said it was easy to get caught up in the festive frenzy.
“The joy of Christmas often comes from giving the perfect gift,” he said.
“With fantastic in-store and online shopping experiences on offer, it’s easy to get caught up in the festive frenzy and lose track of what you’re spending.
“The best chance of making sure you stick to your budget is to set a plan and monitor your spending.”
Christmas spending is expected to peak on the 15th, 18th and 22nd of December, according to the Commonwealth Bank.
*The Commonwealth Bank Christmas Consumer Spending 2018 Study was undertaken by ACA Research in November 2018. Results are compiled from an online survey of 1,044 Australians 18+, with quotas set based on the latest population estimates sourced from the Australian Bureau of Statistics.