The 60-minute lunchtime window (12-1pm) on Friday 23 December will see festive shopping spike with NAB credit and debit card data suggesting consumers could spend more than $400 million.

Overall, Australian shoppers are expected to spend $4.8 billion in total on the 23 December this year, up 15% on the $4.2 billion spent on the same day in 2021.

Shoppers are expected to head to the shops in droves in the five days leading up to Christmas, with more than 30 million transactions to occur across that timeframe.

The data revealed Point Cook in Victoria and Mosman in NSW were crowned as the suburbs where Australia’s top shoppers live. 

NAB Executive Everyday Banking Experience Kylie Young said consumers have welcomed the last minute frantic rush.

“While many Aussies are excited about celebrating Christmas with their loved ones, we know it can also be a little stressful getting their shopping done in the lead up to the big day,” Ms Young said.

“With Christmas this year falling on a Sunday, plenty of us will be leaving our shopping until Friday and embracing the last-minute rush, especially at lunchtime.

“It can be easy to get swept up in the excitement and overspend, or buy more than you need, which is why it’s important to set a budget and have a plan, both of what to buy and how you’ll pay.”

NAB also predicts more than 51 million customers will log on to the NAB app in the days leading up to Christmas to facilitate their shopping.

Will Boxing Day sales follow suit?

New consumer research by CommBank has revealed Australians plan to spend over $3.6 billion in this year’s Boxing Day sales.

While more of us are planning to shop the sales, many are planning to spend less than they did last year, with the average planned spend this year at $483.20, down from $501.60 in 2021.

Cost of living pressures remain top of mind for many savvy shoppers, with eight in 10 planning to shop the sales to purchase essentials when they are on sale.

“It’s great to hear so many shoppers are using the sales to buy things already on their list that they are looking to purchase anyway,” said Rochelle Eldridge, CBA General Manager Shopping.

“Hopefully the discounted prices will provide some relief to many Australians’ hip pockets to help them get items they need at a more affordable price.”

For those not looking to shop the sales, affordability and rising cost of living were cited as the key reasons for missing out. 

Be aware of scams 

Chris Whittingham, Westpac General Manager of Financial Crime and Fraud Prevention, said the joyous season is the perfect time for scammers to take advantage of the hearts and wallets of Aussies.

“This may include buying and selling scams with fake websites offering competitive deals, enticing many Australians who may be rethinking their household budgets amid cost-of-living pressures,” Mr Whittingham said.

NAB has also reminded shoppers to remain vigilant for scam text messages while waiting for last minute packages to arrive.

“We see an increase in phishing messages and spoofing scams pretending to be from delivery companies during key shopping periods, including the lead up to Christmas,” Ms Young said.

“If you’re in any doubt, don’t click on any links in suspicious-looking messages and contact the delivery company directly through their official channels.” 


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.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4000$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

Savings Account (Amounts < $250k)

  • 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
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
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 June 16, 2024. View disclaimer.

Image by Negative Space via Pexels