How much do we spend at Christmas?
According to the National Retail Federation (NRF), the average person in the US is expected to spend over $900.00 on Christmas gifts in 2024. This is an increase of 46% from the average of 2022, which may have been due to the high inflation levels this time last year.
Positive Effects of Christmas on the Economy
The positive effects of Christmas on the economy are clear – Christmas is beneficial to a country’s economy. This is not just for gifts – this includes many other holiday-related items such as decorations, food, and all accessories that go with these things, for example, tools to apply the decorations and kitchen utensils to serve food. Generally, all establishments receive a huge boost in the Christmas season. Small business boost
Small businesses can make huge gains during the holiday season as spending increases. For many building businesses, Christmas can be a season that launches their business into the new year and allows them an economic springboard that it would not have been there at any other time.
Tourism is increased
Christmas is a time when people travel to visit friends and family, or even take holidays. Hotels and other travel businesses experience a boom in demand over the holiday season.
Charities benefit
The Christmas season is a time for giving to help those in need, and many charities and non-profit organizations use this opportunity to best highlight their cause. This can provide huge support for social causes and give these organizations exposure to expand and reach a wider audience.
Average Unspent Gift Cards
In the United States, gift cards are the most popular Christmas present to give and receive. Unfortunately, an estimated $3 billion in gift cards go unused annually in America. It’s been found that 47% of US adults hold at least one unspent gift card on their wallets, with an average value of $187. That’s a total of $23 billion. Use your gift cards!
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