• NFLX
    361.52 USD -1.21%
  • NVDA
    210.91 USD -0.05%
  • TSLA
    194.78 USD 2.52%
  • SP500
    4111.49 USD -0.61%
  • META
    186.08 USD -0.25%
  • MSFT
    256.8 USD -0.61%
  • BRKA
    467046.7 USD 0.05%
  • T
    19.58 USD -1.26%
  • ADBE
    375.27 USD -1.08%
  • MMM
    116.51 USD -0.84%
  • AMZN
    102.19 USD -1.17%
  • AAPL
    151.75 USD -1.79%

Can we afford Christmas?

Christmas this year will surely bring much awaited cheer as holiday spirit starts returning to pre-Covid levels. But can we afford these festivities?

Brace your wallets, its Christmas time

Consumers are getting pumped for this Christmas as we count down the days. We are ready to exchange gifts, attend parties, and generally have a good time with the ones we love. Each year it seems the Christmas spirit wants us to crawl into the stores sooner and sooner. But it’s impossible to ignore the fact that this year’s festivities will unavoidably be marred by financial struggles. 

You may also like: Gold erases losses as China’s Covid cases decline

With the rising cost of living, the holiday season may be considerably different for some people this year. Many families around the world are seeking for ways to save money, because expenses are rising across the board, from energy bills to the monthly shopping trip.

And with Christmas just around the corner, that might become pretty challenging. How much does the typical family spend throughout the holiday season, and where does that money go? Let’s take a look at two examples and than a comparison around the world.

The Brits enjoy mostly books and a good time

According to the Bank of England, the average British household spends £2,500 each month. That amount is increasing by £740 on average in December to £3,240 which sums up a 29% increase. The biggest increase in British spending is on books, video and music equipment, and accessories. 

While sales of computers and phones increase from 1.1% to 61% in December, book sales double. As families stock up on mulled wine and mince pies for their Christmas celebrations, the spending on tasty delights also rises. According to the report, spending on food and drink increases by an average of 20% and 38%, respectively.

More to read: Almost 50,000 BTC bought recently – rally incoming?

Families do, however, reduce their spending in other areas. In the months leading up to Christmas, spending on items like paint and hardware declines by 21%. This may be caused by the fact that people postpone these tasks until after the holiday season.

Australia keeping it safe and simple

In the land down under, Australians will purchase fewer presents this Christmas. The cost of living increased, according to new research by Pureprofile Limited a global data and analytics firm. Families will have smaller budgets than in past years due to this year’s cost of living increases.

Do you want to know more?

This article has a lot more to offer. Having an Investro registration allows you to read without any limitations. It's FREE and will only take few seconds.

Join us

Have you already registered? Sign in.

Tomáš is a financial reporter with US markets as his main field. He actively started in finance only recently, however has been surrounded by many analyst and reporting professiona...


Post has no comment yet.

Want add your comment? Sign up or Sign in