The Commonwealth Bank’s Christmas Consumer Spending Survey has found that Australians will spend a hefty $10.7 billion this Christmas period.
NSW and the ACT will be forking out the big bucks on presents, spending an average $637 per person.
The survey found that over half of all Aussies (56 per cent) will be taking to the shops and online without a spending plan, with Western Australians found to be the worst budgeters.
Overall, men were identified as poorest at budgeting, with 62 per cent admitting they will be buying gifts without price in mind.
According to the results, millennials will be some of the season’s biggest spenders, with 85 per cent predicted to spend up to $1,000 on gifts. This is more than $400 over the national average.
Those from Gen Y were also discovered to have a problem with planning, as 39 per cent said they only started saving for Christmas a month prior.
However they are not alone, as most Aussies plan to leave their gift purchasing to the last minute, with 2 million planning to buy their presents on Christmas Eve. Furthermore, a massive one in three said they will not monitor their spending.
“The joy of Christmas often comes from giving the perfect gift. With fantastic in-store and online shopping experiences on offer, it’s easy to get caught up in the festive frenzy and lose track of what you’re spending,” said Michael Baumann, executive general manager of Commonwealth Bank’s everyday banking.