Have yourself a very frugal Christmas: Aussies prepare to budget for the festive season

• Aussies are set to splurge an average of $842 on Christmas this silly season 
• Almost a quarter (21%) of Australians are preparing to downsize this Christmas as a result of the current economic situation
• More than three quarters (82%) will be looking to shop for presents in sales ahead of Christmas
• Credit cards (40%), savings (37%), BNPL (33%), and debit cards (26%) will be the most popular payment methods for  sale spending 
• When it comes to where Australians will be doing their Christmas shopping, 21% will be shopping purely online, 28% in-store, and 51% a mix of both.

As normal life comes roaring back, new research from Mozo.com.au has revealed that more than a third (34%) of Australians are planning on being financially responsible and setting a budget for the silly season. 

“After going through such a long period of not spending very much, it might come as a shock when your wallet starts to feel a little lighter in the lead up to Christmas,” says Tom Godfrey, Mozo spokesperson. 

“A budget is a great way to avoid waking up with a festive finance hangover, but it isn’t something you just set and forget, you need to plan out your purchases and keep track of your spending.” 

Mozo found almost a quarter (21%) of Aussies are preparing to downsize and spend less this Christmas, as a result of the current economic situation, with the average person set to spend $842 over the Christmas period.  

“If you’re looking to unwrap some extra savings this year try to hang out for end-of-year sales like Black Friday or Cyber Monday before placing your orders, with retailers set to serve up some competitive offers,” Godfrey says. 

Mozo also found that more than three quarters (82%) of Aussies will be looking to shop for presents in sales ahead of Christmas, with the most popular payment methods being credit cards (40%), savings (37%), BNPL (33%), and debit cards (26%).

Completing online shopping early will be key for many shoppers this year, with almost a quarter (74%) expecting shipping delays on sale purchases. 

The finding comes as Auspost announced shoppers should aim to place their orders before December 13th for parcel post and December 20 for express delivery. 

When it comes to where Australians will be doing their Christmas shopping, 21% will be shopping purely online, 28% in-store, and 51% a mix of both. 

“Whether you're going to shop online or in-store, it always pays to do your research and price match before heading to the checkout.” 

Festive Spending Tips 

• Make a list and stick to it as a way of curbing impulse spending 
• If you’re shopping online, make sure you buy presents early and factor in possible shipping delays
• If you’re feeling strapped for cash, ask friends and family if you can do a gift exchange like secret Santa instead of buying individual presents 
• Make the most of budgeting apps, like Frollo, Wemoney and Flux so you can easily monitor your spending 
• Set limits on your credit cards and BNPL services to ensure you don’t blow your budget or wind up with a large amount of debt

-ENDS-

Notes:  Mozo commissioned a nationally representative survey of 1,670 Australians conducted by Researcify between 10 September  2021 - 18 September 2021.