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Aussies leave Christmas expenses to the last minute

By Cameron Micallef · December 18 2019
Reading:
egg

Invest

Aussies leave Christmas expenses to the last minute

By Cameron Micallef
December 18 2019
Reading:
egg
Christmas shopping

Aussies leave Christmas expenses to the last minute

author image
By Cameron Micallef · December 18 2019
Reading:
egg
Christmas shopping

Bargain-hunting Aussies are leaving their shopping till the last minute, in an attempt to snag a last-minute deal, new research has found.

According to the Commonwealth Bank, Thursday, Friday and Saturday are predicted to be the biggest spending days, with 26 per cent of people surveyed predicted to spend.

According to the research, Millennials (31 per cent) are more likely than Gen X (27 per cent) and Baby Boomers (21 per cent) to look for cheaper options to cut back on Christmas spending this year.

Baby Boomers will be the most relaxed shoppers this Christmas season, as one-third (31 per cent) are more likely than Gen X (20 per cent) and Millennials (17 per cent) to fit their Christmas shopping around their regular shop.

Kate Crous, EGM of everyday banking CBA, believes consumers can better manage their finances, through budgeting and tracking tool technology.

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“Christmas can be an expensive time of year for many Aussies. It’s clear that most of us are on the lookout for deals and discounts to keep the costs down, but discretionary and non-discretionary items still have a way of creeping up on us, especially as many of us do our shopping last minute,” she said.

Commonwealth Bank’s 2018 spending data also revealed that Christmas Eve spend was particularly high, even compared with Boxing Day. On Christmas Eve last year, credit and debit card spend totalled $571 million, dropping to $148 million on Christmas Day, and jumping again to $429 million on Boxing Day.

An analysis of 2018 credit card spending categories also revealed the costs of the last-minute food and beverage run, with grocery stores and supermarkets ($30 million), package stores ($10.6 million) and other food stores such as specialty markets ($4.7 million) totalling over $45 million.

Aussies leave Christmas expenses to the last minute
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About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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