Monday, March 27, 2023

Families around the world spend 156% of monthly income during Christmas – WorldRemit Data


Families around the world spend 156% of monthly income during Christmas – WorldRemit Data

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Across 23 countries observed, the average spend across food, gifts and decor will cost 156% of household incomes
Cameroon, Lebanon, and Rwanda will spend the highest percentages of their income on
holiday celebrations this year
Christmas costs have increased across majority of countries year-over-year
Increase in the price of food illustrates the impact of inflation on everyday essential items
Families around the world can expect to spend up to 156% of their monthly income on Christmas this year, according to the latest results from the WorldRemit Cost of Christmas study. The study found that households in Lebanon will pay the highest amount compared to their average monthly income (688%).
Meanwhile, families in The Netherlands will be least financially impacted, with costs only accounting for 19% of the average household’s monthly income.
With unique traditions, gift giving ideas, and seasonal meals in every region, the global landscape sees a wide diversity of costs associated with the holiday season.
In its second year, the findings are part of WorldRemit’s 2022 Cost of Christmas Study, which observes how the changing macroeconomic environment affects the cost of standard Christmas elements, including the main holiday meal, average gift spending and decor, across 23 countries globally. In
addition to the 14 countries from the initial study, the brand added 9 new countries this year to further observe the ways different cultures celebrate, and budget for, the global holiday. The study compares the average cost of food, gifts, and decor to average household incomes to determine the season’s financial impact on families around the world.
Year-over-year findings Of the 14 countries examined for the second season, five are considered developed economies: United
Kingdom, United States, Canada, France and Australia. The 2022 findings reveal the average seasonal increase across these five countries was 33%, with the UK seeing the greatest change, as prices rose more than 60% year over year for the Brits. This anticipated high cost is brought on by the drastic and sudden increase in inflation, which has forecasters predicting more extreme costs this season. Of these
nations, France is the only country expected to save this year, with an 11% cost reduction across items observed. While costs across the three categories decreased less than $50 USD each, the slight consistent change drove down costs overall, giving the French another reason to celebrate.