2020 Christmas spendings statistics
It is the most awaited holiday of the year with the essence of Christmas lifted by family gatherings, children running around and opening their presents under the tree, but because of the pandemic, some are forced to celebrate alone, avoid spending their money and celebrate indoors, which badly affects the Christmas expenditure.
Compared to the previous years, Christmas was always a booster of the economy, but because of the high unemployment rate, it is no surprise that a lot of people would rather save their money instead of spending it.
The Effect of the Pandemic on the Christmas Expenditure
The pandemic forced a lot of jobs to stop and businesses to shut down ever since the outbreak. Although there are businesses that are booming amidst the pandemic, it is simply not enough to cover up the damage that has torn down thousands of other big and small businesses.
However, the majority of the occupations that are still running shifted their employees in a work-from-home set up so that there will still be labor and income for their company. Other businesses came up with online shops as an alternative.
The Change of Consumer Spendings
The change in consumers decreased drastically. Nonetheless, people are still willing to commemorate Christmas in their own little ways, these are usually buying gifts for their friends, family and partner. However, it is much less compared to the past few years.
People are looking for a more budget-friendly gift to spend on rather than an expensive one due to the high demand of this pandemic (face masks, alcohol, etc.). This high demand led to an increase in price on basic needs.
Average Spending for Americans this Christmas 2020
Last 2019’s Christmas, the average spending of Americans was $942, but now it is $137 lower, which is $805 in total. The decrease in average spending is evidence of how consumers adapted to the new meta of saving money. There is no doubt that money is tight due to the pandemic, people are still purchasing decorations, gifts, food, etc. but it is much less compared to last year’s. For more information, check the infographic from CouponLawn here.
Michael Lewis has been managing writers and building SEO content strategy for some of the top personal finance websites online for seven years. Before he became editor-in-chief forCouponLawn.com, he has helped some of the top personal finance websites online. Coupon Lawn is one of the most popular and highly-recommended coupon code websites in 2020.