40% of Aussies planning to spend less this Christmas
As the saying goes, Christmas is the most wonderful time of the year, but new Mozo research has found that this year the festive season might also be a source of stress.
Mozo found that 40% of Aussies are planning to spend less on Christmas gifts this year, one in four are stressed about the financial burden this time of year brings and 15% say they don't know how they will afford their Christmas expenses.
“Christmas is a time to come together with family and friends and celebrate, however it can also be an expensive time of year. This Christmas two in five people are stressed and concerned about how they will be able to afford the holiday period,” said Mozo Director, Kirsty Lamont.
But while some households may be feeling strapped for cash, others are faring somewhat better.
Mozo found that almost half of those surveyed (48%) said they had managed to save a small amount for Christmas spending, while 15% of Aussies chose to make Christmas saving a priority this year.
And with international travel ruled out until further notice, one in 10 used the money they would’ve spent on a holiday on Christmas shopping.
Aussies scrambling to finalise Christmas shopping could be missing out on savings
While one quarter of Aussies opted to purchase gifts all online to avoid the instore Christmas shop 'scramble’, they weren’t taking the time to shop around and price match - a tactic Lamont believes could see many miss out on massive savings.
“With online shopping becoming increasingly popular this year, one of the advantages is that you can easily price match and ensure you are getting the best deal,” says Lamont.
“A Mozo mystery shop of popular Christmas items found price differences for every item with price differences as high as 141%.”
But for last minute shoppers, the good news is that 37% of Aussies said they wouldn’t mind receiving a gift card this year, while a third of people believe it’s acceptable to re-gift.
Other ways to save on Christmas shopping this year include browsing the second-hand market or organising a Secret Santa amongst friends and family.
“If you have had a financial hard year, consider asking your family or friends to do a gift exchange, like Secret Santa,” says Lamont. “This way there is a set budget and you only need to buy one gift, rather than an individual gift for everyone.”
Want more ways to save on your Christmas shopping this year? Check out our guide!