URGENT UPDATE: New data reveals a concerning trend as one in five Australians participated in re-gifting last Christmas, contributing to a staggering $1.3 billion in unwanted gifts. As the festive season approaches, experts are urgently calling for more thoughtful gift-giving practices to combat waste and financial strain.
According to research by Finder, approximately 4.5 million Australians received unwanted gifts last year, ranging from quirky items like avocado holders to novelty toilet seats featuring Santa. Matt Bowen, Head of Consumer and Market Insight at ING, emphasizes the need for a heartfelt approach to gifting this year, urging shoppers to prioritize sentiment over expense.
“It’s a timely reminder that as spending accelerates in the lead-up to Christmas, receivers want meaningful gifts,” Bowen stated on Sunrise this morning. “You don’t need to break the bank to show you care.”
The financial landscape has shifted significantly, with 37 percent of Australians planning to cut back on Christmas costs to manage home loans. An additional 10 percent anticipate relying on credit cards or buy-now pay-later schemes to navigate December expenses. This financial strain has made re-gifting a “commonplace” practice rather than a social faux pas, as highlighted by Rebecca Pike, a money expert from Finder.
“It’s a reflection of how tight things have become. Australians are so stretched that even generosity has to be budgeted,” Pike noted. “No one wants to think the present they spent time choosing ended up under someone else’s tree.”
Experts are urging consumers to adopt a more mindful approach to gift-giving. Pike suggests that a “thoughtful $10 present” can carry far more meaning than an expensive item that misses the mark. “Before you buy, think about what the person would actually use or enjoy. It’s not about spending more; it’s about spending smarter,” she concluded.
As the holiday shopping season intensifies, authorities warn of potential financial repercussions and the need for conscious consumerism. With the cost of living crisis still biting, Australians are encouraged to reflect on the true spirit of giving this Christmas.
In a season often defined by excess, the emphasis on thoughtful gifting could not be more urgent. Will Australians heed the call for change, or will the trend of re-gifting continue to dominate this festive season?
Stay tuned for more updates on this developing story as shoppers prepare for the holidays ahead.
