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How COVID stole Christmas

  • October 20 2020
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How COVID stole Christmas

By Cameron Micallef
October 20 2020

Australians are lowering their expectations for the upcoming festive season, with lower spending, socialising and travelling predicted, a research company has found.

How COVID stole Christmas

How COVID stole Christmas

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  • October 20 2020
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Australians are lowering their expectations for the upcoming festive season, with lower spending, socialising and travelling predicted, a research company has found.

How COVID stole Christmas

Research conducted by ASX-listed Pure Profile found that Australians are planning to spend less this Christmas, with just one in five consumers planning on spending $500 on gifts, down 30 per cent from 2019.

It also found that one in 10 Australians will simply skip buying gifts altogether, which is nearly double compared with 2019.

“Contrary to federal budget hopes, the research also found that spending habits were set to change, with just 20 per cent planning on spending over $500 on gifts this year. In 2019, this was almost 30 per cent,” Pure Profile CEO Martin Filz said.

“There is also a drop in spending cash to pay for gifts, with half planning on paying via debit cards.”

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This is in line with research indicating that more people don’t want gifts this year, with 10 per cent of Australians saying they won’t buy any gifts this festive season.

Close to half indicated that they hoped to receive gift cards, while 48 per cent said they wanted to receive money. 

The survey results also found that consumer travel has changed, with less respondents indicating plans to travel interstate if they can, while more would travel overseas if the borders opened up.

The research also asked respondents about their mental health, with Australians reporting that feelings of loneliness have almost doubled from 8 per cent last year to 15 per cent this year. 

“These figures are telling. We’re a population struggling with the new normal caused by COVID-19 this Christmas. We’re watching our wallets and only spending money that we are absolutely certain we have,” Mr Filz said.

“It’s still unclear what COVID-19 will bring in the new year, whether that’s more waves of the disease or the vaccine we’re all hopeful for. It’s clear from this research that the uncertainty is having a big impact on consumer behaviour and spending habits.”

How COVID stole Christmas
How COVID stole Christmas
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About the author

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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.

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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