Aussies spend more than what they earn on Christmas presents
There are 72 days until Christmas and although it's only October, the retail giants are decked out with Christmas offerings.
Louise Pearson from Myer says: "We have everything ready, so that when you do what to shop for Christmas, we're here."
They are as eager as ever for your business. The retail industry haemorrhaged for years after the GFC.
Finally, there are tentative signs from some economists of an uplift in consumer spending this Christmas.
Craig James from Commbank explains: "Last year we saw growth of around about 3 to 4%. We think we are going to do better this year. Probably 4 to 5%.
December is the make or break month.
Bosco Tan is the COO of Pocketbook, a mobile app which has compiled the spending habits of 18,000 customers to shine a light on what we spend our Christmas dollars on.
He says: "Typically Australians spend 123 per cent of their income in December. Which is more than they earn."
We each spend $374 on presents, buy typically six gifts each, at an average price of $65.
What are people buying?
According to Bosco: "The big three items which is homewares, clothing and gadgets. We also see a lot of spending on family and friends which includes going out, on groceries and travel to see them."
And when you walk through the door, what will you give your loved ones?
Louise Pearson from Myer says: "For the female, Chanel number 5. For the man, headphones. For the kids, lego and for the families, Soda Stream. They're all hot selling items for Christmas."
