Aussies focused on saving up this Christmas

Aussie consumers are more concerned with saving rather than spending this Christmas, new research has found.

A survey of 1,000 people by the Australian National Retailers Association (ANRA) and American Express has revealed that only about a third of people are planning to buy gifts for friends this festive season.

That contrasts with last Christmas when twice the amount (66 per cent) said they would buy for friends.

"Consumers continue to save over spending and the survey indicates they won't spend where it's not considered 'necessary' – putting themselves and friends near the bottom of the present list," said ANRA chief executive officer Margy Osmond.

Aussies aiming to save up this Christmas could choose to compare term deposits in search of the best returns. Ms Osmond also suggested that the interest rate hikes seen last month would encourage a "sober" attitude among many shoppers this Christmas.

The survey found that 14 per cent of people expect to have completed their Christmas shopping only two-to-six days before Christmas this year.

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