Invest
Huge dive in gift-giving this Christmas, bank finds
Eighty-seven per cent of Aussies are planning to give less presents this Christmas period, with more than half (58 per cent) feeling “most gifts are given out of obligation”.
Huge dive in gift-giving this Christmas, bank finds
Eighty-seven per cent of Aussies are planning to give less presents this Christmas period, with more than half (58 per cent) feeling “most gifts are given out of obligation”.
According to a survey of 1,000 customers, ME bank found that nearly 47 per cent of Aussies wish they could give less during the Christmas season, with the same number feeling pressured each year to overspend on gifts.
As a result, many said Christmas was a time of financial stress (41 per cent) and that they wish they could cut back on the gift giving to save for necessary expenditures, like bills (44 per cent).
ME bank found the average Australian will purchase 11 gifts this Christmas period, spending an average of $240 in total.
Regarding those that Aussies wish they could cull from the gift list, work colleagues (58 per cent), extended family (51 per cent) and the in-laws (30 per cent) were the top listed people.
“Christmas is a great time to spend with family, and presents can be symbol of love and generosity, but they shouldn’t break the bank,” said ME money expert Matthew Read.
“If you struggle to pay for gifts, there are things you can do. Consumers should have the courage to talk to their gift giving circle about unnecessary gift giving. It’s highly likely they feel the same way.”
ME found 71 per cent of respondents believe it’s “totally acceptable to suggest not buying Christmas presents to people who give them to you, in order to save money”.
Mr Read also recommends sticking to strict budgets and getting to the shops early next year to avoid a last minute spend-a-thon.
“Other common tips include setting present spending limits, shopping early to reduce overspending in a rush, and arranging a Kris Kringle.”
Baby Boomers missing the mark
The survey also found that parents are falling short of expectations when it comes to giving to their children.
Fifity-six per cent of Millennials (aged 25–39) and 44 per cent of Gen Zs (aged 18–24) said they regularly receive unwanted gifts, with their parents being the worst culprits.
The in-laws came in as the second worst gift-givers.
Happily, it seems most Aussies put politeness above their wants, with 55 per cent saying they keep bad gifts in order to preserve the peace.
This was significantly higher than the 28 per cent that said they would throw it out, 21 per cent who would donate it and 7 per cent who would return it to the store for a refund.
Spending
You can win free flights for a year, but there’s a major catch
In a bid to keep Australia’s domestic aviation afloat, Qantas is offering free flights for a year for 10 families of four who get the COVID-19 jab, even though the failed vaccine rollout means only ...Read more
Spending
Why you should spend $10 a week on Australian-made products
The pandemic was a wake-up call for Australians, with more looking to shop locally, creating a huge economic boost, new research has revealed. ...Read more
Spending
Consumers set to spend following budget sentiment boost
The announcement of last week’s budget and containment of the COVID-19 threat in Sydney is seeing surging consumer confidence, which is tipped to lead to an increase in spending, according to two ba...Read more
Spending
Aussie mums want a spa day but will get flowers this Mother’s Day
Australians are set to splash the cash for mum this Mother’s Day, albeit on the wrong gift, new consumer spending data has revealed. ...Read more
Spending
Aussie consumers swap credit for BNPL
Shoppers are continuing to swap credit cards for buy now, pay later service, new consumer debt study has revealed. ...Read more
Spending
What did Aussies spend their super on?
Aussies who took advantage of the controversial early access to super scheme spent the majority of their money on mortgages, rent and household bills, with just one in eight saving their super for a r...Read more
Spending
Consumer spending set to boost economic recovery
Australia’s recovery from the COVID-19 downturn looks to be buoyed by a wave of consumer spending, as Aussies increase their spending habits post-lockdown restrictions, new studies have revealed. ...Read more
Spending
Trans-Tasman border open for the first time in nearly 400 days
Quarantine-free travel between Australia and New Zealand has restarted for the first time in over a year, with the Prime Minister pointing to a further expansion of the bubble. ...Read more
Are property prices set to crash? Should you jump on board the fintok craze? And how to prepare for this tax time
Listen now
Dissecting the budget and what it means for your equities, property and super
Listen now
Has the property market reached its peak; Biden’s climate summit and our sharemarket, and the upcoming budget
Listen now
Is the market overheating; should ETFs take your fancy, and what’s happening to the low and middle income tax offset?
Listen now
Spending
You can win free flights for a year, but there’s a major catch
In a bid to keep Australia’s domestic aviation afloat, Qantas is offering free flights for a year for 10 families of four who get the COVID-19 jab, even though the failed vaccine rollout means only ...Read more
Spending
Why you should spend $10 a week on Australian-made products
The pandemic was a wake-up call for Australians, with more looking to shop locally, creating a huge economic boost, new research has revealed. ...Read more
Spending
Consumers set to spend following budget sentiment boost
The announcement of last week’s budget and containment of the COVID-19 threat in Sydney is seeing surging consumer confidence, which is tipped to lead to an increase in spending, according to two ba...Read more
Spending
Aussie mums want a spa day but will get flowers this Mother’s Day
Australians are set to splash the cash for mum this Mother’s Day, albeit on the wrong gift, new consumer spending data has revealed. ...Read more
Spending
Aussie consumers swap credit for BNPL
Shoppers are continuing to swap credit cards for buy now, pay later service, new consumer debt study has revealed. ...Read more
Spending
What did Aussies spend their super on?
Aussies who took advantage of the controversial early access to super scheme spent the majority of their money on mortgages, rent and household bills, with just one in eight saving their super for a r...Read more
Spending
Consumer spending set to boost economic recovery
Australia’s recovery from the COVID-19 downturn looks to be buoyed by a wave of consumer spending, as Aussies increase their spending habits post-lockdown restrictions, new studies have revealed. ...Read more
Spending
Trans-Tasman border open for the first time in nearly 400 days
Quarantine-free travel between Australia and New Zealand has restarted for the first time in over a year, with the Prime Minister pointing to a further expansion of the bubble. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
