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Cost of Christmas revealed with Australians set to spend more in 2023

Cost of Christmas revealed with Australians set to spend more in 2023

Read Time:2 Minute, 4 Second

With the festive season officially in full swing, new research has revealed the cost of Christmas for most Australians.

The average Australian spends $1479 over the Christmas period on presents, food, alcohol, eating out and travel, according to Finder.

In total, people across the country are expected to spend $30 billion — a 10 per cent increase on spending in 2022.

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Victorians are expected to spend the most of any state, with estimated costs of $1765 per person.

New South Wales comes in second with an estimated cost of $1657 per person, followed by West Australia with $1200 per person and South Australians with $1160 per person.

Queensland has the lowest expected costs of $1064 per person.

No data is available for the Northern Territory, Tasmania, or the ACT.

With the festive season officially in full swing, new research has revealed the cost of Christmas for most Australians. Credit: Traceydee Photography/Getty Images

The largest cost Australians are set to face is with travel — an estimated $533 cost per person.

The next highest costs are an estimated $373 for presents and $249 on food.

Millennials are expected to spend the most of any age group, with estimated costs of $1924 per person.

Gen Z are expected to spend the least, with estimated costs of $1023 per person.

While Millennials are the biggest spenders overall, Gen X is expected to spend the most on gifts at an estimated $408 per person.

Millennials are expected to spend the most on eating out, while Baby Boomers are expected to take the lead on alcohol spending.

Men are expected to spend almost $500 more per person overall than women, but women are expected to spend 19 per cent more on gifts and presents on average than men.

The research has shed light on how Australians are trying to save money this festive season, with 69 per cent of those surveyed saying they’re trying to cut back on costs.

One in four Australians attempted to shop during sales and start buying necessary items early, while one in five are putting a gift giving limit in place.

Other tactics employed by a smaller percentage of Australians include taking on a side hustle, making or regifting presents, inviting fewer people to events and having a gift-free Christmas.

To save money, Finder recommends shopping during sales, setting a budget and adding to a Christmas savings account throughout the year.

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