Presents take a hit

Festive gifts face COVID cut

CASH-STRAPPED Aussies say they will be spending less on Christmas gifts this year and may even wait until items go on sale before snapping them up.

With less than three weeks left to go until Christmas, 40 per cent of shoppers said they will be waiting for discounts, while two in five said they have taken a financial hit because of COVID-19 and are concerned about how they will pay for gifts.

Independent research compiled by Gumtree quizzed 1300 Australians and found they plan to spend $680 on presents, while collectively Aussies are expected to spend $9.9bn on presents.

The study found women to be the more generous sex – buying an average of seven presents each compared to men with five.

Gift vouchers, electronics, clothing and accessories, experiences and books will be among the most popular gifts.

Friends Chanelle Murray, 26, and Kristyn DeZilwa, 27, are yet to complete their Christmas shopping but they will be more frugal than ever.

“I’m a saver, so I always try and have a budget per person and I try and encourage Kris Kringle,” Ms Murray said.

“When it comes to presents I am thinking, ‘what can I give that will create memories and moments rather than accumulate more stuff’.”

Ms Murray said she’s budgeting about $600 in total and has managed to snap up many good deals in the Black Friday sales.

Tribeca Financial chief executive officer Ryan Watson said shoppers should set a “present budget” for each person and stick to it.

“With the relevant uncertainties that come with a COVID world it makes sense to rein in your spending this Christmas,” Mr Watson said.

“Being more discerning about who you buy gifts for makes a lot of sense.”