As gift giving season approaches, Afterpay has revealed that while many Aussies are feeling the pinch, 1 in 4 (25%) are planning to spend more than last year, and half (49%) will spend the same. The Afterpay Festive Forecast report, which reveals how Aussies will be balancing shopping, spending and saving, is also inline with Australian Retailers Association (ARA) data which predicts that nearly $64bn will be spent this festive season – a 3% increase on 2021.
What were the findings of Afterpay’s survey?
While a quarter (24%) of shoppers agree they’re finding it hard to save, Aussies will be spending between $50-$150 on average this holiday season. To balance additional spending, over half (56%) will look to purchase an item on sale, a quarter (24%) plan on cancelling certain activities like subscription accounts, and 1 in 7 (14%) plan to work longer hours.
Key Festive Forecast findings include:
- Ready, set, gift: Despite the tree not going up until December 1st, many Aussies (41%) plan on shopping for gifts in November, including Black Friday and across the Cyber Weekend, with almost 1 in 6 (13%) cutting it close and waiting until mid-December and the week before gifts are go under the tree.
- Generational gifting: Giftcards continue to be the most popular gift amongst Aussies (18%), with the older generations more likely to give a gift card while the young generations prefer clothing, footwear and accessories.
- Join the FEASTivities: Roast potatoes (93%) once again topped the list of foods Aussies are planning on indulging in this festive season, while many believe brussel sprouts are ‘snow’ laughing matter with 53% of Aussies saying they hate them.
- Stocking up on ideas: Friends and family (49%) are providing Aussies with the most inspiration this festive season, while social media (42%) and gift guides (34%) also help to sway us.
- Don’t be elf-ish: When it comes to gifting, partners (24%) and children (24%) top the list of those who get the gifts, with only 1 in 10 Aussies shopping for their siblings and 1 in 20 shopping for themselves.
- Merry motivations: 3 in 5 (60%) Aussies say wanting to show love and care motivates them to purchase gifts, while a third (33%) want to show gratitude and appreciation, and a quarter (23%) gift because it’s expected during the holiday season.
What are Afterpay’s thoughts on the survey findings?
Katrina Konstas, EVP, Country Manager at Afterpay said, “After a turbulent year, Aussies are looking forward to celebrating the holiday season. Afterpay’s Festive Forecast report has found that one fifth (20%) of Aussies are shopping for cheaper gifts this year, and many are refusing to give up the festive spirit – despite economic pressures – with almost one in three (29%) saying they will not have to skip gift giving in favour of daily expenses this year.”
“Thankfully, the holiday season doesn’t have to be stressful, with Afterpay offering customers the ability to budget for their purchases and pay in four, fortnightly instalments. This will allow Aussies to show how much they care for their loved ones, while still sticking to a budget.”
Afterpay is available in-store and online. Shoppers can also create their Favourite lists in the app to help budget for their spending. Whether it’s a gift card for a family member (available to Afterpay Pulse members only), tickets to the latest gig for a friend, or a present for your furry companion, clients can pay off purchases in four, fortnightly instalments without incurring interest. Clients can head to the website or app to see where Afterpay is accepted.