Christmas 2013: Aussies Tightening Belt on Yearend Holiday

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By Vittorio Hernandez | December 6, 2013 10:24 AM EST

It would be a bleak Christmas for Australian retailers as a survey of 1,000 Aussies by Mortgage Choice found that 40 per cent of the respondents plan to reduce their spending this yearend holiday compared to their 2012 spending.

It would be the second year in a row that Aussies have signified their intention to hold tighter to their purses during the Yuletide season after 52 per cent of respondents last year shared the same plan to curb spending.

Mortgage Choice spokesperson Jessica Dambrough explained the planned cut back to majority of Australians feeling comfortable with their current financial situation as a significant number also plan to spend the same.

By state, 61 per cent of Victorians said they would have the same level of spending the previous year, while 56 per cent of New South Wales and South Australia residents shared the same plan, as would 55 per cent of West Australians and 49 per cent of Queenslanders.

Ms Dambrough said, "Today, Australians are a lot savvier with their money. They don't want to out-spend their means and this ensures they feel comfortable all year round."

And if ever they would receive an unexpected $2,000-windfall, 34 per cent said they would save it, 22 per cent would pay off their credit card debt and 17 per cent partially pay off their mortgage.

Mortgage Choice said the start of a fresh year is a good opportunity to review their finances, including their mortgage, and identify was to further save money.

The forecast of lesser spending is in contrast to another report that Aussies would spend a record $30 billion for Christmas 2013.

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