Guatemalan families will spend 96% of their monthly income on Christmas – according to WorldRemit data

Guatemalan families will spend 96% of their monthly income on Christmas – according to WorldRemit data

Guatemala. Families around the world can expect to spend up to 156% of their monthly income this Christmas, according to the latest findings from study WorldRemit Christmas cost. The study found that families in Lebanon will pay the highest amount compared to their average monthly income (688%), while families in the Netherlands will be less affected financially, as costs represent only 19% of income. Monthly average household

In its second year, the findings are part of WorldRemit’s 2022 Christmas Cost Study, which looks at how a changing macroeconomic environment affects the cost of standard Christmas items, including the main holiday meal and average spending on gifts and decor in 23 countries. around the world. In addition to the 14 countries in the initial study, the brand has added 9 new countries this year to take a deeper look at the ways different cultures celebrate and budget for the global holiday. The study compares the average cost of food, gifts and décor to the average household income to determine the financial impact of the season on households around the world.

Study 2022: Observed results from Latin American countries

Guatemala, Mexico, the Dominican Republic and Colombia were among the list of countries analyzed. Of these, Guatemala had the second highest cost Christmas, as families are expected to spend 96% of the median household income.

For Guatemalans, expenses include an average of 252 quetzals in food, 607 in gifts, and 1,595 in decoration, for a total of 2,454 in Christmas expenses.

Data for other Latin American countries includes:

All figures are in US dollars

  • Households in Mexico will spend $1,076 on Christmas, which is 206% of the average monthly household income.
  • Families in Colombia are likely to spend 73% of the median monthly household income at Christmas 2022.
  • Families in the Dominican Republic can expect to spend $179 on Christmas, of which up to $138 is spent on decorations.

Results year after year

Of the 14 countries screened for the second season, five are considered advanced economies: the United Kingdom, the United States, Canada, France, and Australia. Results for 2022 reveal that the average seasonal increase in these five countries was 33%, with the UK seeing the biggest change, with prices rising more than 60% year-on-year for Brits. This high expected cost is caused by the sudden and large increase in inflation Specialists set expectations More expensive this season. Of these countries, France is the only one where families are expected to save this year, with cost reductions of 11% across all items seen. While costs fell in all three categories by less than $50 each, the constant small change brought costs down overall, giving the French yet another reason to celebrate.

Among the remaining nine countries (Cameroon, India, Lebanon, Nigeria, Rwanda, Uganda, Kenya, the Philippines and Mexico), the average cost of Christmas increased by 9%, and cost changes varied widely. While India (-2%), Kenya (-17%) and the Philippines (-38%) saw cost reductions this year, Cameroon (+56%) and Uganda (+34%) will see significant increases.

In the 14 countries observed in the 2021 and 2022 studies, the increase in the cost of Christmas is partly due to an increase in the amount of money spent on food during the holidays. This steady increase in food prices, which saw the highest increase (50%) year-on-year, compared to increases of 13% and 21% in other categories, means that families around the world will likely need to change their budget planning to accommodate the rising costs of meals. Eid. These results reflect similar conclusions drawn from recent studies of school cost s cost of living from WorldRemit. More details include:

  • In the US, the cost of gifts and decor accounted for the majority of the overall annual increase, rising by 37% and 31%, respectively.
  • Canada braces for the highest cost of Christmas among the countries observed, totaling $2,100.38 per household on average.

Line. Central American and Caribbean Digital Newspaper

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