Millennials and Gen X will spend the most on Christmas gifts this year, according to research commissioned by eBay Australia.
According to the YouGov study, Millennials are expected to spend an average $694.19, while $647.94 should be spent by Gen X.
This is over $100 more than Baby Boomers ($517.68) and Gen Z ($412.41)
The research also showed that despite inflation and cost of living pressures, 74% of Aussies plan to spend the same amount or more on Christmas gifts this year compared to last year, with two in five (39%) respondents saying they’ll spend more than $500 on gifts this festive season.
According to eBay Australia, some of the most expensive items bought during Christmas over the past two years include a three-carat diamond ($46,160), a Rolex Submariner “Hulk” watch ($24,800) and a signed Michael Jordan Patch card ($23,196).
However, the new research found that only 15% of Australians consider price as a factor when it comes to receiving a ‘thoughtful’ gift.
When deciding what Christmas gifts to give, 39% say they simply ask the recipient what they want. However, 46% of Australians agrees that they find it difficult to communicate their gift preferences during the festive season.
“While eBay research shows that almost three-quarters of Aussies think that giving meaningful Christmas gifts is important, it can be difficult to find the perfect gift when everyone has different hobbies and passions,” eBay Australia CMO Rebecca Newton said.
“Our top searches on eBay reflect the diversity of Aussies and the things they love, from collectible cars to Lego, Pokemon and luxury brands like Louis Vuitton.”
According to the YouGov research, out of the top three least ‘thoughtful’ gifts one could receive, clothes that don’t fit came in at 23%, trailing behind weighing scales (26%) and cleaning supplies (39%).
This comes as 73% of Australians agree it’s important to give thoughtful gifts, with respondents saying the three top factors for thoughtful gifts are sentimental value (43%), personalisation (42%) and practicality (41%).
However, despite thoughtfulness ranking high on Australians’ wish lists this Christmas, eBay’s research found that 1 in 4 (25%) are still opting to purchase gift cards.
For unwanted gifts, there is a 1 in 10 chance (13%) that recipients will re-gift them, while nearly 1 in 5 (18%) will store it away out of sight.