The cost of Christmas in 2018
It’s the season of giving, but just how much are Australians spending?
Christmas, that magical time of year – full of laughter, love, presents, food, drinks and depleted bank accounts.
A new study by finder.com.au found that Aussies are tipped to spend $25 billion collectively this holiday season, equating to an average spend of $1325 per person.
While that number may seem large, Queenslanders can rejoice somewhat as our spending is amongst the lowest when compared to other states, with an average per person spend of $1275.
The Christmas cheer in Western Australia appears to be the loudest with the average person spending $1416, followed by Victoria ($1304) and New South Wales ($1301).
Young Australians are tipped to spend more this Christmas with Gen X projected to spend $1396pp, while Baby Boomers are expected to spend the least at $1234pp.
The younger generations also appear to be the most charitable this Christmas, with Gen X tipped to donate $76pp, almost double that of Baby Boomers at $37. Gen Y came in at close second with charitable donations tipped to reach $61pp.
In terms of spending on loved ones, girls beat the boys (but only slightly) and are tipped to splash out $496 on gifts compared to the male spend of $432.
What exactly are Aussies spending all this money on?
- Decorations – $1 billion will be spent on decorations across Australia.
- Presents - $464 is the average per person spend on gifts.
- Travel – One in two will spend big on travel.
- Charity – 43% plan to donate this Christmas.
- Food - $122pp will be spent on food this holiday season.
- Alcohol - $131pp will be spent on grog this Christmas.
Though these numbers may seem high, 14 million Aussies said they planned to reduce their Christmas spend this year.
Most Aussies (51%) said they would reduce their spend by setting a spend limit when purchasing gifts, more than one in 10 said they would re-gift, 17% said they would only be buying presents for a Secret Santa and more than one in eight said they would avoid buying presents altogether.
For more tips on how to save this Christmas follow RACQ Living’s handy guide.