Almost half Australian shoppers break their Christmas budget, says Afterpay
While the holiday season can be a merry time, some also dread its arrival. With family tensions potentially already running high, the financial pressure of gift-giving can add to holiday stress.
A new report from Afterpay which surveyed more than 1,700 shoppers found buying gifts was the most stressful part of Christmas for 38% of Australians.
Almost half (49%) of shoppers also admitted to overspending every holiday period and blowing their budget for the season.
So, how can you avoid a dramatic Christmas splurge?
Mozo has a handy gift-giving guide to help you save money this festive season, with tips for making presents, shopping secondhand and hitting savings goals while you spend. Afterpay’s report also found the majority of shoppers will be getting in early and buying presents during November and early December to spread out holiday costs, as well as jumping on online shopping sales during this period.
Younger generations in particular will be taking advantage of sales like Black Friday and Cyber Monday. More than half of those surveyed by Afterpay said they’d be nabbing discounted items this year, compared to only 4% of Baby Boomer shoppers.
Shopping in-store vs online: What’s best this Christmas?
Despite Gen Z’s penchant for digital purchases, 44% of this younger cohort said they’d be relying on in-store assistance and inspiration for gift ideas.
While a larger proportion of people now shop online, Afterpay forecasts in-store shopping will overtake online purchases by early-to-mid December. They expect shoppers will be looking to avoid delivery delays that have plagued 2021 due to high demand and supply chain disruptions.
And while one shopping method doesn’t necessarily beat the other in terms of price or quality, there are pros and cons on both sides.
Shopping in the digital world generally provides broader options and more discount opportunities, but you can’t inspect items before you buy and could face fees to return them. Meanwhile, showing up to shopfronts means you can assess items personally and potentially haggle down prices. But Afterpay’s research shows shoppers are more easily influenced while shopping in-store, so you may be more inclined to make a rash purchase if stock runs low and you still need to tick off your Christmas shopping list.
Whatever way you choose to shop, make sure you’ve got a bank balance that can cover costs (plus a little extra for if you go over budget). And if bank account fees or withdrawal limits are impeding your Christmas shopping, it might be time to reassess your transaction account by comparing it against a few of the options listed below.
Compare bank accounts - last updated 20 April 2024
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Spend Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
0% p.a.
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
CompareCompareSpend Account
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
- interest rate
- 0% p.a.
- ATM networks
- none
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited eftpos, debit, ATM, and banking app transactions using internet banking or the ubank iOS or Android app.
Read our Mozo Review to learn more about the ubank Spend Account
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Everyday Options
$0.00
Apple Pay, Google Wallet, PayID
0.01% p.a.
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareEveryday Options
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Suncorp Everyday Options
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Everyday Global Account
$0.00
Apple Pay, Google Wallet
0% p.a.
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2023 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2023 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet
- interest rate
- 0% p.a.
- ATM networks
- HSBC
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read our Mozo Review to learn more about the HSBC Everyday Global Account
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Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
0% p.a.
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
- interest rate
- 0% p.a.
- ATM networks
- MyState
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free internet transactions.
Read our Mozo Review to learn more about the MyState Bank Glide Account
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^See information about the Mozo Experts Choice Bank Account Awards
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