Australians are among the world’s biggest spenders on the festive season, an international survey has revealed.
This year, Australians are set to spend the most on Christmas holiday travel and accommodation, according to fintech firm Ferratum’s annual International Christmas Barometer.
The survey of 31,000 households across 14 countries revealed that Australians are the most willing to pay more than $162 a night for accommodation over the Christmas period.
Nearly half (48 per cent) of Australians surveyed said they would spend at least that amount on holiday accommodation, followed by Canadians (45 per cent), Norwegians (31 per cent) and Brazilians (30 per cent).
“Once again we see Australians the most likely to fork out large amounts on travel and accommodation during this Christmas period,” Ferratum Australia manager James Logan said.
“That is despite a year-on-year increase in participants planning to use Airbnb this festive season.”
The survey also revealed that many people are tightening their belts this Christmas, with just one in five families (21 per cent) around the world planning to spend more on festivities, holidays and gifts this year compared to last.
More than a third (38 per cent) said they planned to spend less than last year, while 42 per cent said they would maintain the same level of spending.
Brazil was home to the biggest Christmas spenders, with consumers planning to splurge a staggering 91 per cent of their monthly income on the holidays.
Poland came in second with an average 36 per cent of monthly income allocated to the holidays.
Australia tied in third place with Spain and Romania, with shoppers planning to spend 34 per cent of their monthly income on the Christmas period.
Fun, fashion and food dominate Christmas shopping lists around the world, the survey showed, with clothing accounting for an average of 13 per cent of a family’s income, followed by sweets (12 per cent) and toys and games (11 per cent).
While Australia led the world on travel and accommodation costs, our food and booze budgets shrunk.
“Interestingly the relative spend on food and alcohol has dropped for Australian consumers, perhaps an indication that the ‘challenger’ supermarkets are reliving some of the household expenditure pressure,” Mr Logan said.
Christmas wishes and New Year’s resolutions
When asked what people value most during this time of year, 64 per cent of respondents said that spending time with family and loved ones is most important to them.
One in five people (20 per cent) said they most enjoyed the Christmas spirit, while seven per cent looked forward to getting Christmas gifts.
Just four per cent said that Christmas was not a special time for them.
When it comes to resolutions, nearly a quarter of respondents (23 per cent) named spending time with loved ones as their New Year’s resolution for 2020.
Home renovations were top of the agenda for 15 per cent of people, followed by travelling more (12 per cent) and being more active and having a healthier life (11 per cent).