New statistics show Queenslanders spend an average of $779 each on gifts, food, entertainment and travel during the festive season – and at least one-in-five of us will blow our budget.
The RACQ’s latest ‘Cost of Living’ report examined spending habits during the Christmas period including presents, hosting guests, holidays and retail sales.
RACQ spokesperson Renee Smith said Queenslanders would spend more than $9.7 billion in retail stores in the lead up to Christmas Day – with more than half of our spending going towards gifts for others.
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“The next biggest chunk of cash spent at this time of year is on holidays, while 14 percent of Christmas funds are used to entertain friends and family at home, including food and drinks,” said Ms Smith.
She said despite spending up big, more than half of Queenslanders surveyed admitted to budgeting for the holiday season.
“While many people save up, interestingly one in five admit to breaking their budget in the end,” she said.
“About 20 percent of Queenslanders put Christmas costs on their credit card but in good news, most of those will pay it off by March.”
Ms Smith said reminded Queenslanders they did not need to break their budget to buy everything they needed.
“This year many retailers are expected to discount products in the lead up to Christmas rather than waiting for Boxing Day sales, so do your homework to snap up a bargain before Santa arrives.”