More Australians have identified as a ‘Christmas Scrooge’ than a ‘Big Spender’ when it comes to Christmas gift giving this year according to a new survey.
The MyState Bank Christmas Spending Survey asked more than 1,000 Australians over the past week to fess-up about their festive spending. MyState Bank Managing Director and CEO Brett Morgan said that the survey identified a strong trend of Australians watching their spending this Christmas.
“While Santa is getting ready to put on his Christmas belt, Australians are getting ready to tighten theirs,” Mr Morgan said.
“Around three in four Australians said that they identified more as a ‘Christmas Scrooge’ than a ‘Big Spender’ when it comes to gift giving this year."
“In fact, more than 61 per cent of Australians have confirmed that they are spending less this Christmas because money is tight."
“Almost half of us, 45 per cent, are keeping a budget for the first time this Christmas, and more than one in three, 38 per cent, said there were friends or family who they won’t buy for this Christmas because money is tight.”
It’s the in-laws and siblings who are most likely to fall off the Nice List this Christmas, with one in three Australians admitting they won’t buy a gift for them.
Yet, around 28 per cent of survey respondents said they’ll still treat themselves to a gift this Christmas. Clothes and smart products were the most common splurge, while one respondent notably said they were keeping it simple with a seasonal indulgence of ‘a box of mangoes and bottle of brandy’.
“It’s really interesting that while most Australians admit they’ll buy less for their loved ones this year, many have said that they will still treat themselves,” Mr Morgan said.
“I think it speaks to the times – it’s been a hard couple of years, and many of us feel like we deserve to treat ourselves to that extra joy this Christmas.”
Mr Morgan said it wasn’t just the festive finances where it was becoming clear that Australians are feeling the pinch of 2022.
“The rising cost of living and the Reserve Bank of Australia’s eight rate rises in a row have had a very real impact on many household budgets and the way Australians are managing their money,” Mr Morgan said.
“It’s not just showing in the number of gifts under the Christmas tree this year, we’re seeing other emerging trends too."
“In recent months there’s been a steady slow-down in the number of new home loans, while more people are opening MyState Bank savings accounts."
“The silver lining of the RBA’s rate changes is that savers can take advantage of increasing deposit rates that just weren’t around at the start of the year, with accounts like our Bonus Saver paying up to 4.0 per cent per annum now."
“This season is a great opportunity for Australians to take stock of their savings and spending, and re-set for 2023."
“We wish everyone a Merry Christmas, and as always encourage any MyState Bank customers who are concerned about their finances to give us a call.”
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