Christmas rush to fall earlier
The number of people planning to do part of their Christmas shopping online this year is up one million to 13.3 million and has increased across all demographics, according to the latest research from Commonwealth Bank (CBA).
With average spend sitting at $593, up 25 per cent over the last five years, CBA Executive General Manager Clive van Horen said Aussies will overspend by a huge $625 million.
“Keeping track of spending is clearly not on the Christmas list for nearly 40 per cent of shoppers,” he said.
Women are the most likely to start and finish their shopping earlier, with CBA expecting spending across 15, 16, 17 December to be the busiest when 8.5 million plan to shop.
Traditionally, the last weekend before Christmas is often the busiest, but with Christmas falling on a Monday, CBA expects this to be quieter than usual with the weekend of 9, 10 December being the second busiest days.
Women expect to wrap up their shopping by 17 December, although 23 per cent of men will leave it to the last minute and still be picking up gifts on 23 December.
Baby Boomers and Gen X are planning on spending the most this year although they plan to spend slightly less than in 2016, meanwhile Gen Y will spend around $557 which is up 14 per cent on last year’s spending.
When it comes to chipping in for presents, Aussies will typically contribute three times more for a family member ($136) than a friend ($38), with even less going towards work mates ($16). Gen Z and Gen Y are the most generous when it comes to group gifts for mates, spending $58 and $51 respectively. Those aged over 49 spend $35 or less on friends.
Across the board all demographics plan to shop online with 86 per cent of Gen Ys hitting the internet. Gen Y is also the largest group who browse in-store, but go online for a bargain (44 per cent). But, it’s the Gen Z who do their research online but shop instore (62 per cent).
On average, South Australians/NT spend the most on Christmas gifts, at $671 while Queenslanders spend the least, at $508.
Those from Vic/Tas spend the most on family members ($157) and friends ($46) while those from SA/NT are the most generous towards their work mates ($25).
Queenslanders spend the least on family ($95), friends ($22) and workmates ($7).
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