Aussies all set to spend billions, CBA says

The Commonwealth Bank (CBA) believes Aussies will spend more than $16.2 billion this Christmas.

Although a recent study conducted by the Financial Ombudsman Service suggested that an increasing number of people are struggling financially at the moment, it seems shoppers are still going to splash the cash in the coming weeks.

Indeed, the CBA polled 1,000 Aussies and found that the average person will spend $475 on gifts this year.

In addition to this, the bank is expecting a total of $2.2 billion to be spent during the Boxing Day sales.

Overall, 3.3 million individuals will shell out an average of $1,152 on holidays during the festive period.

With a flurry of debit and credit card transactions predicted, the bank has urged retailers to prepare themselves for a busy few weeks.

"Our research shows that many businesses should be actively looking to take advantage of the millions of Aussies who plan to open their wallets this Christmas," commented executive general manager of Local Business Banking at CBA Adam Bennett.

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