Mexicans will spend three times their monthly income on Christmas

Study called “Christmas costs 2022” By a British payments advisory firm WorldRemit It is concluded that holidays will have an average cost per household In Mexico 21 thousand 385 pesos, which is 3.4 times the monthly income of workers in the country.

According to the analysis, the average monthly salary of Mexicans is 6,268 pesos; But they will allocate 3 thousand 93 pesos for food, 8 thousand 492 pesos for Christmas decorations and 9 thousand 800 pesos for gifts, for a total of 21 thousand 385 pesos.

Inflation has made Christmas more expensive

Specialists point it out The extra cost of Christmas is also linked to inflation, Still under pressure from the global economic situation, as well as some internal factors.

“Feverish inflation is the ‘Grinich’ that can destroy the seasonal success of retailers if they fail to adapt to changing consumer habits. About 85 percent of buyers care more about inflation than shortages and delays in shipments, ”according to KPMG specialists.

The world’s households will spend up to 156% of their monthly income

However, Mexico is not the country where families will spend the most this upcoming Christmas holidays, because according to WorlRemit, all over the world , homes She will spend up to 156 percent of her monthly income this Christmas.

Lebanon: They will pay the highest monthly amount (688 percent) compared to their average monthly income ($3,587).
The Netherlands: They will be less affected financially because their expenses account for 19 percent of the average monthly income ($42,296) for a family.

There is a big difference between income. In Uganda, most families live below the income threshold. Poverty cannot afford a little rice for Christmas. Unlike the middle class who buys goods in local markets and shops where prices are moderate to cheap; The study warns that the upper class spends more at Christmas when shopping in supermarkets or department stores, where prices are always set high with little or no discount.

The study also looks at how a changing macroeconomic environment affects the cost of standard Christmas items, including food which is one of the staples of the holidays, followed by gifts and decorations, in 23 countries.

developing economies such as The Philippines, Uganda and Nigeria spend more than 100 percent of their income Total monthly payments at Christmas, while in the UK, Christmas will cost 65 percent more than in 2021,” notes a WorldRemit analysis.

This year, in addition, WorldRemit added 9 countries (Germany, Netherlands, Zimbabwe, South Africa, Fiji, Spain, Colombia, Dominican Republic, and Guatemala) to take a deeper look at the ways different cultures celebrate and budget for the global holiday.

Mexico is among the top 10 places to spend the most at Christmas

Mexico is occupied Seventh place out of 23 countries The study consists of a total cost of one thousand and 76 dollars.

Canada (2,100)
Lebanon (two thousand and 58)
Germany (1,453)
United States (1,236)
France (1,127)
Australia (77 thousand)

But it spends more than countries such as the United Kingdom (1075), the Netherlands (679) and Cameroon (612). “We can see that the cost of gifts is the highest in more than half of the countries. The study indicated that 60 percent of the countries would spend more on gifts and food.

The results show that Zimbabwe, where it will spend $209 this year at the end of the year, will be the most affected by this year’s costs compared to the average monthly household income in the country, with most families paying more than $2.6 times their Christmas income. festivities.

How much will advanced economies spend at Christmas?

Among countries considered to be advanced economies, the 2022 results revealed that the average seasonal increase was 33 percent. The UK has seen the biggest change, with prices rising more than 60 percent year-on-year.

east The expected high cost is caused by the large and sudden increase in inflation, Which has specialists making more extreme cost projections this season.

from these countries, France is the only country where families are expected to bail out this year, at an 11 percent cost reduction, in the articles studied. “While costs in all three categories were just under $50 each, the small change brought overall costs down, giving the French another reason to celebrate,” notes the study.

In Spain, most spending goes on food with $231 of the total 499 spent. Colombia will spend 73 percent of the family’s monthly income, and in the Dominican Republic, projected expenses are $179, of which $138 will go to decorations.

Families in Guatemala will spend $315 on Christmas, 96 percent of the family’s monthly income.

LARR