Silly season looking seriously depressed

by Adam Smith05 Dec 2011

Two-thirds of Australians have no plans to spend up big over Christmas, weighed down by living costs and economic fears.

That's according to a new poll released by Homeloans. The survey found Australians are planning on spending less on Christmas this year, and three quarters will stay home for the holidays, saying they can't afford a vacation. Homeloans marketing manager Will Keall said households are getting by with less disposable income, and are beset by higher living costs.

"The rising cost of living and economic fears are the key reason homeowners are choosing to spend less on Christmas presents this year. There's been a resounding response to our survey question about why they're cutting down on their spending this year: higher petrol, electricity, water, insurances [and] food costs," Keall said.

Keall said some respondents had even tipped that they were saving in case of a "Euro meltdown".