So much money we spend on Christmas

A recent bank99 survey of 400 people provides insight into the spending behavior of Austrians at Christmas: The respondents' spending averages 814 euros. However, it varies greatly depending on the financial situation: While respondents with significant financial difficulties spend an average of 638 euros specifically for Christmas, those without financial worries spend almost three times as much, averaging 1,652 euros. Age also affects Christmas spending: 30 to 49-year-olds are the most generous (939 euros), followed by those over 49 with 802 euros and those under 30 with 599 euros.

Over a quarter are completely forgoing gifts this year

Almost half of the respondents (42 percent) rely on the Christmas bonus to make purchases for the holidays. Over 40 percent also state that they are likely to spend less money this year than last year. In doing so, 41 percent save on gifts and over a quarter (28 percent) even completely forgo them. Only about one in five (23 percent) starts the Christmas season financially carefree. 15 percent of respondents even state that they occasionally overdraw their account for Christmas gifts - that's about one in seven.

Bernhard Hohenegger, Head of Market at bank99: "Christmas is the most wonderful time of the year for many, but also a financially challenging one. The pressure to give generous gifts, as well as high expenses for food at celebrations with friends and family, strain many household budgets. We recommend being mindful of consumption, especially now, and setting a budget framework to better keep track of one's expenses."

Gifts and food weigh the most

For 64 percent of respondents, gifts are the top priority for Christmas expenses. On average, all respondents invest 260 euros in the packages under the tree. In second place, with 51 percent, are the costs for food and drinks, for which an average of 154 euros is spent. For a third of the respondents (32 percent), travel costs arise during the Christmas season. When they set off to visit relatives, friends, or go on vacation, they spend an average of 419 euros on it.

Gender and Age Determine Financial Behavior

Which cost points prevail differs by gender: Women prioritize gifts in their budget (women: 65 percent, men: 44 percent), food and drinks (women: 59 percent, men: 44 percent), as well as decoration (women: 23 percent, men: 15 percent) and styling (women: 21 percent, men: 15 percent). Men, on the other hand, are more generous with dining out and entertainment (men: 25 percent, women: 21 percent) as well as with transport and travel (men: 22 percent, women: 14 percent).

45 percent of women spend less money on Christmas gifts compared to last year (men: 37 percent) and 29 percent save extra for Christmas (men: 18 percent). Men have higher costs during the holidays with 865 euros compared to women (764 euros). Over a quarter of male respondents (27 percent) state that costs at Christmas do not matter to them, while for women this applies to only about one in five (19 percent). Surprisingly, however, men are slightly more likely to forgo gifts entirely at 30 percent compared to women (25 percent).

Age also has a decisive factor on financial behavior at Christmas: Those aged 30 to 49 are most likely to rely on their Christmas bonus (49 percent) compared to those over 49 (40 percent) and those under 30 (29 percent). However, the younger age group donates more frequently to social or charitable organizations (31 percent) than those over 49 (26 percent) or those aged 30 to 49 (25 percent).

(Red)

This article has been automatically translated, read the original article here.