Aussies jump into Christmas shopping early with Black Friday and Cyber Monday, Citi data shows

After a long period of COVID restriction, it seems that Aussies are planning to go all-out this Christmas season. According to Citi research, 25% of Aussies plan to spend more than they did last year, believing that everyone deserves to be spoiled after a difficult year.

Additionally, of those surveyed, 45% plan to spend more than $300 on gifts for others. Citing extra savings and wanting to indulge after a long lockdown period, 32% plan to spend between $100 - $200 on gifts for themselves.

It also seems that people are more excited than ever to get out of the house and head for the high street, with nearly 40% of Australians surveyed saying they would be doing their festive shopping in-store this year. This is good news for Australian retailers, many of whom were forced to close their doors for months this year.

“Perhaps unsurprisingly, the top three categories for spend were groceries, liquor, and gifts, which tells us that Australians are planning to pull out all the stops to celebrate this Christmas and come together with family and friends,” said Choong Yu Lum, head of cards and loans at Citi Australia.

Citi research also showed that consumers plan to bring forward their Christmas shopping to take advantage of increasingly popular Black Friday and Cyber Monday. Half of the Australians surveyed reported that they will spend more due to the sales. This is particularly driven by younger consumers, with 72% of under-40s planning to spend big in November sales.

The pandemic also changed Aussie shopping habits, with 40% of Aussies saying they are more likely to start Christmas shopping earlier than usual and 30% saying they are placing higher importance on sales due to the impact of the pandemic.

“COVID-19 led to many Aussies becoming more mindful of their finances and spending habits, and we are seeing that consumers want to get more bang for their buck and will change their shopping habits to get the best deal,” Lum said.

Considering the simultaneous COVID-induced economic strain and the uptick in retail spending, it’s not surprising that consumers are demanding more benefits and rewards from their credit card providers.

The Citi data showed that 60% of those surveyed said a cashback reward on their spending would add real value, especially ahead of Christmas

If you’re looking for a new credit card heading into Black Friday and Cyber Monday, check out Mozo’s guide to the top credit cards for online shopping or head to our credit card hub for a full list of comparisons.