Almost two-thirds of West Australians head into Christmas without budgeting, with the State expected to spend $6.5 billion this festive season.
The forecast, compiled by Roy Morgan for the Australian Retailers Association, shows pre-Christmas spending will be up 0.6 per cent on last year’s $6.4 billion. Nationally, Australians are expected to $54.8 billion.
It comes with a new Bankwest poll finding that 63 per cent of Australians have no budget in place for their Christmas shopping rush.
Those who did, however, were planning on spending $802 on average each, and $922 for each family. But more than 80 per cent of them admitted to blowing their budget at least once in recent years.
Bankwest chief customer officer Paul Vivian said the poll also found more and more people were turning to online shopping.
Those who did budgeted $308 more than those who buy from brick and mortar shops. Online shoppers overspend by $250, while in-person shoppers blow their budgets by an average of $199.
“The increase in online shopping was no surprise after the past two years of health measures in responding to the pandemic, but it was really interesting to see the reduced effect on budget overspend of shopping in store,” Mr Vivian said.
“And I’m sure many of us can relate to overspending at this time of year, but I imagine those with a budget take solace in knowing it’s a lot easier finding an excess $200 than the $1000 of not having a budget in the first place.”
Eight hundred people were polled in the Bankwest survey, with about half from WA.