Christmas is a season of giving. And new research according to the ING International Survey Special Report for Christmas 2016, spending big does not necessarily lead to gift satisfaction. The research asked 13,500 people in Europe, the USA, and Australia about the finances at Christmas. Nearly one in seven people in Europe received a gift they did not want or could not use in 2015. Another 8% couldn’t remember whether they liked the gifts they received. That is the equivalent of around 81 million unwanted gifts at any estimated €45 each.
United Kingdom’s people were the least likely to appreciate or remember if they liked their gifts in Europe at 29%. This was followed by Italy with 28% and Romania with 27%. People in the Czech Republic were the most likely to forget how they felt about the presents.
An estimated €3.7 billion was wasted on unappreciated presents last year. People in Romania (19%), the United Kingdom (16%) were least likely to appreciate their gifts and tended to be more likely to go into debt. However, more in Europe are planning ahead for their festive spending, with two in five now saving ahead for Christmas, up from 33% the year before.
People are feeling the pressure to spend during the Christmas festivities. About 42% of people in Europe feel this way. Cultural differences in some countries means that people feel significantly less pressure than average, especially in areas where other Christmas festivities take precedence. In Netherlands and Belgium, they focus on early December’s Sinterklaas.
70% of people in Europe feel that the year end festive season has become too focused on spending money due to the growing commercialisation of the holiday, highlighted by early Christmas sales, and shopping events like Black Friday and Cyber Monday.
There are actually more ways to celebrating Christmas than just gift giving. Do something meaningful with people who matter to you such as going for a short vacation to spend time together with lots of memories for the future. Maybe cook a meal together with your friends or go to the bar and have a drink or two in the company of your buddies. Do not succumb to the pressure and purchase of expensive gifts that may go to waste. And perhaps voicing this out may even save you the trouble of getting such gifts.
