New research lifts the lid on gift-giving etiquette


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​New Suncorp Bank research has lifted the lid on gift-giving etiquette for the festive season, revealing it may be the thought that counts when receiving, but giving is all about convenience and ease. ​

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New research lifts the lid on gift-giving etiquette

Suncorp’s EGM Consumer Banking Chris Fleming said there is a clear disconnect when it comes to the behaviours and expectations of gift-giving.

“Suncorp’s research tells us that when buying a present, our selection is largely based on the relationship we have with the person receiving the gift and the significance of the occasion. We’re actually not too focused on the amount of money we have allocated to spend or the expectations of the recipient,” Mr Fleming said. 

“We do encourage shoppers to pay closer attention to their budgets, and also take the time to plan ahead and get on the same page with your loved ones on how you want to tackle presents. You could consider having an agreed allocated spend, doing a combined present to share, or if you’re buying for a group, suggest a Secret Santa. At times people can be more driven by their own emotions when it comes to picking a present for someone else, which can lead to overspending. Planning ahead will not only assist with the budget, but also help ensure expectations are met come Christmas day.” 

The findings come as the Australia Retail Association predicts spending to be on the rise this season (by 2.6 per cent), and Suncorp research found the average person will spend $470 on festive presents and celebrations. 

“It’s important to take a considered approach to festive spending, especially when a third of people don’t budget for this expense,” Mr Fleming said. “The benefits of planning ahead extend beyond the financials – gift giving, and festive celebrations are meant to be enjoyed, and the more prepared you are, the more thoughtful and meaningful a present can be – and often cheaper. 

“Generally, if people leave things to the minute they tend to ‘throw money at the situation’ and end up paying more than what they would have if they had planned ahead.” 

#The Suncorp Bank Cost of Celebration report, a national survey of 1,600 Australians, found:


40%

of people believe a card is a good gift

55%

agree cash is an appropriate gift

1/3

are comfortable with regifting

#On the flip side, the report also found:


9 in 10

prefer to receive presents of sentimental value over expensive gifts or prestigious brands

3 in 4

want presents that demonstrate an effort to make or find over expensive gifts or prestigious brands

90%

want gifts that are practical over prestigious brands

#How to budget better for celebration spending


Set up a dedicated bank account for your celebration spending and try transferring any money you have leftover at the end of the week.

Retailers are increasingly starting their sales earlier, so shop around for a good bargain.

Start including one or two non-perishable food items in the food shop each week – that way you don’t need to do a bulk buy at once.

Write a list and stick to it – it sounds cliché but it works.

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