7 December 2012: In the lead up to Christmas, McCrindle Research surveyed 532 Australians and found just 11% plan to increase their festive spend this year.
When asked about their Christmas budget, over 1 in 4 (29%) indicated they planned on cutting costs. Considering that in recent years Australians have already tightened their belts spending, it is clear this year is looking worse than ever. Just 1 in 10 (11%) indicated they would spend more.
1 in 5 (20%) of Gen Ys will spend more this Christmas compared to their parent’s generation, the Baby Boomers, with just 1 in 20 ( 5%) of this cohort planning on spending more.
Social Researcher Mark McCrindle said, "Generation Y has more expendable cash than their parents at this stage of their lives. With new census data showing 21% of families have adult children living at home, many of this generation can avoid the rising costs of rent, utilities and groceries and so have more room when it comes to Christmas shopping.”
Indeed the Baby Boomers were the generation most likely to save this festive season, with 1 in 3 (33%) planning on cutting costs this Christmas.
“Many Baby Boomers now belong to what we call the Sandwich Generation. With adult kids still at home, and their ageing parents needing some support, the Boomers have become the nation’s carers…financially, practically and emotionally. It’s therefore no wonder they are concerned about costs at this expensive time of the year.”
The majority of Australians plan to purchase presents online this Christmas, with 7 in 10 Gen Ys (70%) planning on purchasing at least one Christmas present online, along with 2 in 3 Gen Xes (66%) and 1 in 2 Baby Boomers (51%).
Generation Y was most likely to be driven by cost, with 38% saying it was cheaper to buy online. In comparison, Generation X was more about the convenience of shopping online (32%), while the Baby Boomers were split between cost (31%) and convenience (30%).
About this Study:
The research supporting this summary was conducted by McCrindle Research through a national study of Australians which received 532 completed surveys. The full research summary is available upon request.
McCrindle Research has an established reputation for conducting relevant, world class and cost-effective research and communicating the insights in innovative ways. Our clients include some of our region’s largest multinationals, some of the nation’s best known brands, many government organisations and agencies, and some of Australia’s most recognised not for profits. Our profession is designing and deploying best practice research. Our expertise is analysing findings to communicate insights and strategies. Our passion is empowering organisations to thrive in changing times.
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