Amidst the current economic challenges, the new research from PayPal reveals that 75 per cent of Australians plan to spend less this Christmas, an increase from the 40 per cent recorded last year.
In particular, 38 per cent of Aussies are looking to keep Christmas costs in check by shopping online during sales periods, with 49 per cent saying one can still have a great holiday season if they spend wisely, leverage online sales, and shop sensibly.
This year, most gifts will be purchased digitally with 81 per cent opting to buy gifts online and 62 per cent of Australians saying they will buy at least half their gifts online. This reflects the finding that 47 per cent have said that the worst thing about Christmas is the overcrowded stores. Other reasons Australians shop the sales online is to have a faster and easier shopping experience (42 per cent) and get better deals and prices (40 per cent).
Aside from shifting to online shopping, other cost-cutting measures for the holidays include spending less on gifts (39 per cent), decorations and lights (also 39 per cent), alcohol and drinks (35 per cent) or travel and fuel (34 per cent). On the other hand, 25 per cent have said they would not cut their spending at all this year.
Despite the cost-cutting measures, Aussies in general remain positive about the holidays with 24 per cent saying that Christmas is still the best time of the year, 50 per cent looking forward to Christmas and only 15 per cent saying they’re not looking forward to the festive season this year.
PayPal’s research also noted that Aussies use a number of tactics to manage the madness of the holiday period. 42 per cent have said that they don’t compare their Christmas to other people’s, and 35 per cent say they set a budget and stick to it. Other tactics involve making sure they don’t eat or drink too much (29 per cent), make sure they get enough sleep (27 per cent) and creating a Christmas ‘to-do’ list to help stay organised (27 per cent).
