Costly Christmas: Australians expected to splurge $27 billion
Australians are in for an expensive festive season and are set to spend almost $4 billion more than last year, according to new research by Finder.
Aussies are planning to spend $1,361 each this Christmas – up from $1,232 in 2021, according to a new nationally representative survey of 1,054 respondents.
Australians will be shelling out $27.3 billion on holiday spending this festive season – up from $23.9 billion 12 months ago.
Travel and gifts top the list of festive expenses, with Aussies expected to spend $458 on accommodation/flights over the holiday season, and $411 on presents.
Women ($1,580) are on average predicted to fork out over $450 more than men ($1,123).
Rebecca Pike, money expert at Finder, said Aussies still had time to prepare for the silly season.
"Christmas is a notoriously expensive time of year – but with the extra cost of living pressure it is an even bigger burden.
"The festive season can be one of the happiest times of the year but for many households it can also be one of the most stressful."
Finder's research shows some Aussies will be having a boozy Christmas, spending $104 per person on alcohol over the silly season – equivalent to $2.08 billion across Australia.
Consumers are expected to spend $248 each on food and $140 on eating out.
Pike said festive fun wasn't worth financial strain in 2023.
"It's a good idea to set a budget before you start spending.
"You don't want to be caught paying with credit unless you plan to pay it off in full before interest is charged.
"If money is tight, you could replace gifts with things like acts of service or experiences like a family picnic at the park.
"The last thing you want is a 'debt hangover' when the New Year comes around," Pike said.
| How much will you spend on the following this holiday season? | |
|---|---|
| Flight/travel | $458 |
| Presents | $411 |
| Food | $248 |
| Eating/drinking out | $140 |
| Alcohol | $104 |
| TOTAL | $1,361 |
| Source: Finder survey of 1,054 respondents, October 2022 |
| How much will you spend on the following this holiday season? | |
|---|---|
| State | Christmas spend |
| NSW | $1,488 |
| VIC | $1,432 |
| WA | $1,379 |
| QLD | $1,244 |
| SA | $1,200 |
| Source: Finder survey of 1,054 respondents, October 2022 |
For more information on how Australians will be spending their money this holiday season, check out Finder's Christmas spending statistics page.