New research from Shopify has revealed that Australians are increasingly starting their festive shopping early due to a prolonged cost-of-living crunch. The study found that 53% of Australians plan to finalise their shopping lists by October, with 58% intending to do the bulk of their shopping by November. This trend is particularly pronounced among Australians with children living at home, with 70% finalising lists by October and 68% completing the majority of their shopping by the end of November.

Shopify surveyed 2,000 Australian consumers ahead of this year’s Black Friday-Cyber Monday (BFCM) sales. The research found that 49% of Australian consumers plan to do the majority of their holiday shopping during the BFCM weekend (29 November to 2 December). Furthermore, 56% of Australians plan to set a 'clear' spending budget, although 36% admit they usually exceed their festive shopping budget.

The biggest spenders this year are expected to be those who 'cherish' the festive shopping season (9% of respondents) and people with children living at home. Conversely, 10% of Australians 'can’t stand' the holiday season and are projected to be the lowest spenders.

Interestingly, 39% of Australians have signed up for brand updates to get the best deals this BFCM. This flips to a majority for those looking to spend more than $430 (65%), young people aged 25-34 (57%), and parents with kids living at home (56%).

Key findings from Shopify’s latest research also reveal that value for money along with a personal touch is key for Australian shoppers. A significant 31% of Australian shoppers are exclusively shopping for items at a reduced price or with a discount code. Meanwhile, 24% experience the January buyer’s remorse, feeling surprised by how much they’ve spent when they add it all up.

The research also found that 63% of consumers prefer a hybrid approach to shopping, buying small things online but going into stores for larger purchases. Additionally, 38% of consumers plan to evenly split their shopping online and offline.

When it comes to features and technology, shoppers said they’d be most interested in practical tools that can help them save money or time – with price comparisons the most used over the last twelve months at 36%.

In terms of influence, 46% of Australians say that families hold the most sway over shoppers, significantly more than celebrities or influencers at 7%.

Paul Zahra, chief executive officer at the Australian Retailers Association, commented on the findings, saying, “The ongoing hit to discretionary spending means consumers are being extremely strategic with their dollars, a reality reflected both at the till and in Shopify’s data.”

Shaun Broughton, managing director JAPAC at Shopify, also weighed in, stating, “Merchants need to strategise around a longer sales season, as consumer behaviour shifts towards conscientious planning and away from spontaneity.”