The second anyone mentions the word “Christmas”, my brain can’t help but hit play on the Bing Crosby soundtrack. I’ve always loved the holiday season (some might say to an unhealthy degree), and I really do believe it’s the most wonderful time of the year.
But it can also be a financially fraught time, particularly during a sustained period of inflation. And given it’s a holiday largely based around food, gifts and travel, well, sometimes the best holiday of the year doesn’t gel with what our economy is doing.
There are some ways you can cut costs and still feel the holiday cheer.Credit: Getty
According to Deloitte’s Retail Holiday Report 2024 , Australians plan to spend an average of $1002 this year across three primary categories. This includes an average of $425 on gifts for loved ones, $254 on non-gift spending such as decorations and clothing, and $323 on experiences such as travel, going to the movies and Christmas-related socialising throughout December.
While $1002 may seem like a lot of money, it actually marks a substantial decline in spending from last year, when Australians splashed out an average of $1192. That people are planning to spend less is seriously impressive because, as anyone who’s ever lived on a shoestring budget will tell you, finding a spare $190 is difficult at the best of times, let alone at Christmastime.
Data from the United States tells a similar story, with Morning Consult finding 30 per cent of Americans plan to spend less this year than they did last. But the data also raises a big concern........