Go easy on the festive splurge, Christmas shoppers warned

RETAILERS are set to be overflowing this week as consumers rush to fill their stockings. But Christmas shoppers are being warned to go easy on the festive splurge.

Vesna Vrankovic does her Christmas shopping on Sydney’s George Street. Picture: David Swift.

EXCLUSIVE

AUSTRALIANS are a nation of last-minute shoppers with many tipped to be racing against the clock to complete their final festive spend up.

Retailers are set to be overflowing this week as consumers rush to fill their stockings, but for those eager to avoid the crowds, Saturday is tipped to be the busiest shopping day yet.

OVERSPENDING: Have you already spent more than you need to this Christmas?

New transaction data from one of the nation’s largest banks, National Australia Bank, has used 2016 Christmas shopping statistics to predict the trends this festive season.

Melbourne’s Bourke Street Mall is heaving with Christmas shoppers. Picture: Tim Carrafa

This includes making more than 30 million purchases on December 23 alone and splashing $2.7 billion — a similar amount to last year.

The average purchase will be $90.

And shoppers will be hitting the retail stores to get their gifts sorted (they will spend about $318 million), while others will be dining out at restaurants and cafes ($137 million) and spending more than $85 million on fuel just to get to Christmas events.

Vesna Vrankovic does some Christmas shopping on Sydney’s George Street. Picture: David Swift.

And online spending continues to climb — it increased by 20 per cent over the Christmas and new year period in 2016 compared to the year before.

National Australia’s Bank’s transaction services manager Simone Van Veen warned shoppers to get to the shops sooner run later or expect to be surrounded by large retail crowds.

“Saturday is expected to be the busiest day and based on last year's data we expect it to peak around 1pm,’’ she said.

“With the weekend falling right before Christmas we expect an increase in transactions over the weekend.”

A shopper — complete with canine friend — heads down to Melbourne’s Bourke Street Mall. Picture: Tim Carrafa

Christmas Eve, which sits on a Sunday this year, will be the peak time to stock up on food and drink to ensure shoppers get the freshest food possible and have enough alcohol supplies.

GROCERIES: Keep your food bill down this Christmas

But a majority of spenders will be playing it safe this year by spending their own cash and avoiding racking up credit card debt.

Analysis from financial services firm Canstar shows 53 per cent of Australians will be buying presents this year using their own savings.

Canstar spokeswoman Belinda Williamson encouraged shoppers to try and not blow their budgets and be sucked in by last-minute sales.

“Impulsive presents are unlikely to delight the beneficiary or your bank balance so having a gift list is paramount,’’ she said.

“The good news is more of us are playing it safe and relying on our savings to fund the festivities this year.”

[e-mail]

@sophieelsworth