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As the calendar ticks over into December, so it begins. Mariah Carey has finished warming up her vocal cords, prawn farmers are gearing up for their biggest month of the year, and the shops are teeming with people hunting for the perfect gifts for their loved ones.
That’s right, it’s Christmas baby! Sometimes called “the most wonderful time of the year”, it’s a month filled with good food, family catch-ups, and a good dose of awkward office Christmas parties. It’s also – unsurprisingly – filled with spending. Like, a lot of spending.
Christmas is an expensive time of year, but gift-giving needn’t cost the earth.Credit: Aresna Villanueva
The Australian Retailers Association and Roy Morgan’s annual spending predictions for the lead up to the big day is a whopping $67.1 billion, up just 0.6 per cent on last year but still the highest figure on record. This calculation also includes spending over last week’s Black Friday weekend, an American tradition which has well and truly taken root locally with about $6.3 billion expected to have been spent.
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What’s the problem?
Included in their spending data, the ARA and Roy Morgan also asked a raft of shoppers if their spending habits this year might change given the rising cost of living and general interest rate pain. About one third of us (30 per cent) are saying we’re planning to spend less this year, and 61 per cent of us say we’re intending to spend about the same. The average gifting spend per person has declined by just over $50 to $646.
What you can do about it
If you’re one of the 30 per cent who are hoping to spend less this festive season, but might be struggling to work out how, here are a few suggestions: