Tips To Save Money This Christmas – Forbes Advisor Australia

Due to the cost-of-living crisis and 13 interest rate rises over the past 18 months, consumers will be looking for more bang for their buck, Zahra says.

“Value-based shopping will be a priority [as] any Australians will actively seek out the best deals and look for value purchases.”

Zahra believes a major focus this year will be practical gifts that “kill two birds with one stone”.

As an example, this could be an item for a child that is already on their necessary back-to-school list, such as a new backpack or lunchbox.

“Ultimately, shoppers will be compelled to shop for friends and loved ones but will want to feel like they’re getting a good deal,” Zahra says.

There is also an increasing trend towards sustainable products with customers seeking out purchases that align with their ethics and values, Zahra notes.

“Customers are looking for products that are eco-friendly, have minimal environmental impact, and are produced using sustainable practices.”

Matt Holme, CEO and founder of YouPay, is a big fan of shopping intentionally.

“Shopping with purpose and getting gifts you know your friends and family will love eliminates the wastage in gifting as people are getting the gifts they actually desire; [rather than] some random items that have potentially been bought last minute on Christmas eve in a panic.”

The balance between finding ethical and sustainable gifts, while keeping costs down, is the challenge Australians will face this holiday season.

Retailers will be playing their part too in enticing the budget-conscious shopper–especially as competition increases and spending reduces across discretionary categories.

“Expect retailers to be running more promotions, investing heavily in Black Friday and (feature) gift solutions at keen price points,” Zahra says.

“It’s ultimately a win for consumers, with retailers likely to ramp up sales events and promotions in a bid to stimulate spending.

“Of course, there is also customers that are not impacted by the current economic conditions, and they will continue to spend—so we expect luxury sales to be (largely) unaffected.”