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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. 

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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.

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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.

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Tomáš is a financial reporter with US markets as his main field. Tomáš is an aspiring author and entrepreneur aspiring to help people get better in financial knowledge.

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