The Australian Retailers Association (ARA) forecasts $59 billion will be spent leading up to Christmas this year, backed by Afterpay's research revealing 58% of Aussies plan to get their Christmas shopping done in November to avoid the last-minute rush.

But of the 1,770 Aussies surveyed, 33% said they were still unsure what to buy their loved ones this year.

According to Afterpay's research, gift cards topped the list with 84% of respondents saying that's what they really want this festive season.

Additionally, 72% want personalised/handmade items; 67% want sustainable items; 66% want fashion/clothes; and 62% want tickets to live events this holiday season.

Sabina Read, Psychologist and Social Commentator, said many Aussies are looking for ways to re-establish control after COVID-19 controlling much of our lives.

"While there is still a degree of uncertainty around how the future will look, gift cards are a flexible option to show someone you care, whilst also giving them the freedom to decide how and when they can treat themselves," Ms Read said.

At the bottom of the list was a candle, with 52% of respondents saying this would be their least desired Christmas gift. 

Young people excited and ready to spend this Christmas

According to Afterpay's research, young Aussies are the most excited about Christmas and are set to spend big.

More than a third (34%) plan to spend more than last year, and more than half (57%) plan to treat themselves.

But budgeting is still front-of-mind, with 54% planning to shop the Cyber Weekend sales and 78% more likely to shop where there are sales, discounts, and shopping events.

This is backed by research from Citi, which revealed 30% of people place higher importance on sales due to impacts of the pandemic.

Almost two in five (38%) say spending money on gifts is the most stressful part of Christmas, and half (49%) usually go over budget when shopping for Christmas gifts. 

Afterpay's tips to avoid blowing the Christmas budget

Afterpay provided its top five tips for Christmas shopping this year:

  1. Know who and what you're buying before you head to the shops
  2. Set a budget and track your spending
  3. Research online before purchasing anything
  4. Shop well in advance to avoid impulse buying and overspending
  5. Shop by yourself or online shop to keep track of your purchases

Advertisement

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
Disclosure

Save Account

  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
Disclosure

AMP Saver Account

  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
Disclosure
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.

More details
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of October 22, 2024. View disclaimer.

Important Information and Comparison Rate Warning

Image by freestocks on Unsplash