Australians spend $19.8 billion each year buying presents for friends, family and even their pets according to research for this week’s Financial Planning Week.
Research by the Financial Planning Association (FPA) to mark Financial Planning Week, which runs until Sunday 25 August, found the average Australian spent $100 each month on presents.
Out of 1,000 people surveyed, an average of $437 was spent on their partners, $361 on their child and $115 on their pet each year.
A quarter of pet owners said they bought their pet a present at least once a month or more, particularly those in their 20s or 50s.
Broken down by gender, women spent $454 on presents for their partner while men spent slightly less at $419 and women were more likely to bulk buy or re-gift presents than men.
The FPA said 73 per cent of this spending was on unplanned gifts, indicating the need for a budget to allow for unexpected spending.
FPA chief executive, Dante de Gori, said: ““There’s literally billions of dollars of household spend that is simply not budgeted for by nearly three in four Australians (73%) across genders, generations and geographies.
“That’s an obvious opportunity to increase our nation's financial literacy and awareness of the benefits of budgeting, financial planning, and giving in a way that brings joy without debt or regret.”