Fewer pressies under the tree? How Aussies intend to save this Christmas

Christmas presents

After a hard year of crazy inflation and rising interest rates, it’s no wonder that Aussies are planning on buying fewer gifts this Christmas.

New data from market researcher Pureprofile finds that 58% of Australians are buying fewer gifts this year to keep their budgets in check. In addition, 24% of people are choosing to only buy gifts for their children this Christmas to cut back on the total amount spent.

It’s not just gift buying that Aussies are planning to cut back on, with 37% of people claiming that they will help combat the cost of living by spending less on Christmas food this year. This number is up 9% from last year.

More and more Australians are also choosing to do their Christmas shopping early, with 72% saying that they will shop before December due to fears that prices will go up closer to December 25th.

Looking for a bit more festive feeling

Despite feeling the economic pressure of Christmas, Pureprofile has found that Aussies are regaining their pre-pandemic festive spirit, with 57% feeling emotionally positive about the season (an 11% increase from last year.)

Pureprofile suggests that this can be attributed to the resilience that people have developed over the past few years.

How to shop smarter at Christmas and save money

If you’re worried about your finances as we get closer to Christmas, there are some things you can do to save money:

  • Make a list of who you are buying gifts for, how much you want to spend on each person so you know how much money you need to save. 
  • If you are shopping online, try to buy from companies that offer free shipping or do a big order of everything you need from a specific store at once so you don’t end up paying multiple shipping fees. 
  • Do your Christmas shopping during sales. One of the biggest sales events of the year, Black Friday is fast approaching. This event starts on 25 November and is the perfect opportunity to do some Christmas shopping while thousands of items are on sale. If you want to make the most of the Black Friday Sales, we have some tips here!

If you need help with present ideas, check out our Christmas Gift Guide!

Consider opening a savings account to help your Christmas fund grow! Here are some options:

Top savings accounts - last updated 14 July 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Savings Account

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

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    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.