Indians are expected to literally spend their entire monthly household income (100%) to celebrate the season in 2022, up a whooping 37 percentage points compared to 2021 (62%).
According to the latest results from the WorldRemit, Indians back home are spending more for their Christmas celebrations this year.
In comparison, Christmas spending for Australians will rise slightly to 32% of monthly household income in 2022, up from 30% in 2021.
With Indian Christmas celebrations taking up an entire month’s income, the basic costs of Christmas can be challenging for many families to afford. Remittances into countries like India help make Christmas celebrations possible and bring seasonal cheer to life for families back home.
Families around the world can expect to spend up to 156% of their monthly income on Christmas this year, adds the study. The study found that households in Lebanon will pay the highest amount compared to their average monthly income (688%) while 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.
| 2022—All figures are USD | ||||||
| Country | Total Year-Over-Year Difference | 2022 Total Spend | Average Food Cost per Household | Average Gift Cost per Household | Average Decor Cost per Household | Percentage of Monthly Household Income |
| United Kingdom | +65% | $1,075.24 | $174.12 | $702.13 | $322.54 | 35.60% |
| United States | +44% | $1,235.54 | $118.54 | $886.00 | $198.99 | 27.82% |
| Canada | +36% | $2,100.38 | $398.67 | $1,156.58 | $545.13 | 72.41% |
| France | -11% | $1,127.35 | $239.76 | $646.72 | $240.87 | 42.57% |
| Australia | +34% | $1,076.86 | $393.93 | $478.35 | $204.58 | 32.97% |
Of the remaining nine countries indexed (Cameroon, India, Lebanon, Nigeria, Rwanda, Uganda, Kenya, Philippines, and Mexico), the average cost of Christmas increased by 9%, and the cost changes varied widely. While India (-2%), Kenya (-17%), and the Philippines (-38%) saw a reduction in costs this year, Cameroon (+56%) and Uganda (+34%) will see substantial increases. Of these nine countries, India was the only nation that can expect to spend less than an average’s month of income, with holiday costs accounting for 99% of the average Indian family’s monthly income.
(Press release)
Support independent community journalism. Support The Indian Sun.
Follow The Indian Sun on Twitter | Instagram | Facebook
https://twitter.com/The_Indian_Sun/status/1593128605290139649?s=20&t=3hXlrFj6_3bC8GIKOwPOBQ
Donate To The Indian Sun
Dear Reader,The Indian Sun is an independent organisation committed to community journalism. We have, through the years, been able to reach a wide audience especially with the growth of social media, where we also have a strong presence. With platforms such as YouTube videos, we have been able to engage in different forms of storytelling. However, the past few years, like many media organisations around the world, it has not been an easy path. We have a greater challenge. We believe community journalism is very important for a multicultural country like Australia. We’re not able to do everything, but we aim for some of the most interesting stories and journalism of quality. We call upon readers like you to support us and make any contribution. Do make a DONATION NOW so we can continue with the volume and quality journalism that we are able to practice.
Thank you for your support.
Best wishes,
Team The Indian Sun
