Don’t you just love to hate that person who gets all their Christmas shopping done early? Yeah, I finished it all months ago, they brag, I mean say.
Well it might come as a surprise or even be satisfying to hear, but those who tend to be more organised actually spend more than those who leave it all to the very last minute.
A new survey by financial product comparison website finder.com.au has found that if you’re like me and think you are doing the right thing by getting in early, you might actually be spending double the amount as those purchasing gifts in the last week before Christmas.
Those who bought gifts in October, just as those Christmas decorations hit the stores, paid an average of $716 in total for gifts, around 33 per cent above the national average of $539.
Those buying four days prior to Christmas day, like many a friend, are expected to spend just $343 on gifts.
The results come as research shows the major retailers are expecting Australians to spend more this year than during previous Christmas periods, helped by lower interest rates, online shopping and people taking advantage of those Boxing day sales.
Finder.com.au spokesperson Bessie Hassan says while it may be better for your stress levels, getting in early doesn’t necessarily mean you’ll be better off financially.
“In fact, starting earlier means you have more time to spend which means you could be more inclined to make impulse purchases if you haven’t budgeted properly.
Big tips for cutting your shopping costs are:
- Set a budget and stick to it
- Buy from a cash savings account and avoid using credit cards
- Agree on a budget with family and friends
- Considering shopping online to find better deals
- Make the most of sales when you see them, but not to the point of over spending
The research also unearthed that despite women making the bulk of consumer purchases, it was men aged between 35 and 54 years living in Western Australia who spend the most – could those mining salaries have something to do with it?
This group spends on average $936 on gifts, which is 74 per cent above the average spend of $539.
Finder.com.au says the most frugal demographic are males over 55 years from Queensland, who only fork out $278 on average for gifts, which is around half the national average.
It’s estimated that 40 per cent of Christmas shopping will be spent on credit card or through loans this year, so it’s important to avoid overspending in the lead up to Christmas.
Finder.com.au on the average spend by shopping time period
|Period||Average spend on Christmas gifts|
|October or earlier||$716|
|1st week of November||$670|
|1st week of December||$479|
|4 days before Christmas||$343|
State average Christmas spend