‘Much debt’: Concerning trend emerges as Aussies share Christmas spending

A video of Aussies going about their shopping has exposed a concerning Christmas trend, with people making some major admissions.

Australians are feeling generous for Christmas this year despite the cost-of-living crisis, which has most of us feeling strapped for cash.

It is the most festive and confronting time of the year.

It is when you finally see the aunty you’ve been avoiding since last Christmas.

It is the time of the year when you try to get in first and volunteer to bring a salad to the family gathering so you don’t get stuck trying to make pork crackle.

It is the season for turning into a referee between your parents because dad doesn’t understand why he can’t go shirtless to Christmas lunch, and mum is in tears over it.

It has also been an incredibly rough year financially for hardworking Aussies.

They have faced 12 rigorous months of held interest rates at 4.35 per cent, and the median rent across Australia is now a staggering $660.

The Bureau of Statistics also reported that the Consumer Price Index rose by 0.2 per cent in October 2024 compared to the previous quarter.

Over the last 12 months, the CPI has risen a concerning 2.8 per cent, with the most significant price rises this quarter impacting recreation, culture, food, and non-alcoholic beverages.

Despite all this, Sydney’s Pitt Street Mall was chockers with shoppers on Tuesday, and most weren’t holding back on their spending.

Shoppers wandered past, their arms weighed down by bags, men frantically wondered if a candle was too impersonal to give their girlfriends, and mums were left trying to hear themselves in Culture Kings.

The cost-of-living crisis has made Aussies throw caution to the wind with their credit cards in hand.

In fact, financial comparison website Finder, after speaking with a range of financial experts, believes more Aussies will rely on their credit cards this year to make ends meet.

These predictions come as 29 per cent of credit card holders say they couldn’t manage their finances without one, and the average Aussie has over $3000 worth of credit card debt.

Shoppers have revealed what they are spending this year for Christmas. Picture: news.com.au

Aussies are being generous. Picture: news.com.au

Hitting the streets of Sydney confirmed this prediction, with most Australians admitting they’d be spending more this year.

“Way too much! Having way too much fun,” one woman admitted while dressed in a Santa suit.

A woman in a kaftan in sunglasses said she was also spending “too much” but explained that she was feeling generous.

Two mates shared that they both had budgets to spend between $50 and $100 on each family member,

Both then added they were “definitely” spending more this year because everything cost more, and they weren’t prepared to be less generous in order to keep their Christmas bills down.

Another shopper said she had just spent $175 at Nike, $80 at Cotton On, another $80 at David Jones, adding that she was “definitely” spending more this year.

The holiday shoppers were out in full force. Picture: news.com.au

One argued that we ‘might die’ tomorrow, as a reason for spending big this Christmas season. Picture: news.com.au

One sensible woman with her daughter said she was “definitely spending less” this year and was hoping to cap her present buying at $1000.

However, another woman argued that we “might die tomorrow”, so Christmas isn’t the time to be cheap with the people you love, even in a cost-of-living crisis.

Someone else said her Christmas spending was a bit of an “f-you” because it isn’t like saving is possible in 2024.

“I feel like everyone’s like, ‘I’m already in so much debt, why not just put myself more in debt?’” she said.

Financial expert Graham Cooke has urged Australians to be cautious of spending on credit over the festive season.

“Credit cards can be a great financial tool to earn points, protect your purchases and build your credit, but they can quickly become a nightmare if you fall behind on your repayments,” he said.

“Embracing the silly season shouldn’t mean getting in over your head – you don’t want to go into the New Year with a Christmas debt hangover.”