Budget for Christmas gifts significantly smaller according to survey
Published: Wednesday, Dec 13th 2023, 10:00
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Swiss consumers are likely to spend significantly less on Christmas presents this year than last year. According to the consulting firm EY, the budget will be reduced primarily due to inflation and higher energy prices.
According to the survey published on Wednesday, almost 60 percent of the 622 people surveyed want to reduce their Christmas gift spending "slightly" or even "significantly". Specifically, according to EY, spending on loved ones is likely to fall by over a fifth to an average of CHF 282 per person. In the previous year, spending had still reached a record level of 343 francs.
Almost 60% of consumers surveyed stated that they wanted to reduce their Christmas gift spending in view of inflation and high energy costs. "After a weak wage round, another significant increase in health insurance premiums and a second increase in the reference interest rate with a corresponding impact on rents, the outlook for 2024 is gloomy," André Bieri, Market Manager at EY, is quoted as saying in the press release.
The reduction in Christmas spending can also be seen across all generations and women have generally shown a greater willingness to save than men. A "dampening effect" of inflation can also be seen beyond Christmas shopping. It is therefore to be expected that the effects of this declining domestic demand will have an impact on the economy as a whole, the report continues.
©Keystone/SDA
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