Data has revealed the huge amount Aussies plan to spend on Christmas presents in 2023 and it’s more than last year.
The Christmas Retail Trends Report surveyed 1014 shoppers from across Australia to understand their budgets in the lead-up to the festive season.
The report, conducted by Australian Consumer and Retail Studies at Monash Business School, found Christmas present budgets had increased year-on-year.
Respondents indicated that they planned to spend, on average, $427 on gifts for immediate family, $246 for extended family, $149 for friends and $266 for themselves — or a staggering $1088 in total.
By category, it amounted to budgeting 40 per cent more for electronics compared to last year, 16 per cent more for household goods and 16 per cent more for clothing, footwear and accessories.
Two-thirds of Aussies (65 per cent) said they planned to take advantage of a sales event, with the most popular being Boxing Day and Black Friday, with $370 and $434 average spends respectively.
Physical stores were still the most popular Christmas shopping venue, with 80 per cent of Aussies planning to shop at one, compared to 43 per cent at the online outposts of physical stores (such as the David Jones website) and 44 per cent at online-only retailers (such as The Iconic).
Lead researcher Eloise Zoppos said the increases flew in the face of Australia’s poor economic outlook, potentially due to the return of big family Christmases post-Covid.
“We’ve consistently found over the past few years since Covid, that people have told us they’re spending more and more each Christmas on gifts,” Dr Zoppos said.
“One reason could be that restrictions have eased and people are having larger gatherings, and seeing more family and more friends at Christmas.
“Of course, the other side to that is there has been inflation across some categories so spend could also be attributed to a perceived increase in the cost of certain categories.
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“Our results are likely a mix of people seeing more people, and spending more money on gifts for family and friends, and also some inflation element where people are perceiving the cost of products are more than they have been previously.”
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