US families will spend 44% more this Christmas than in 2021 due to inflation

US families will spend 44% more this Christmas than in 2021 due to inflation

According to a study released Wednesday by transportation company WorldRemit, escalating prices due to inflation, among other factors, will likely cause American families to spend 44% more over the Christmas period this year than in 2021.

The study looks at the real expenses of families in the Christmas season in 23 countries around the world and highlights that the average cost for families in the United States will be $1,236, or 27.82% of their monthly income.

Most of the American family’s Christmas budget (71%) will go to buying gifts, 19% to decorating the home and the remaining 10% to buying food, estimates WorldRemit.

In total, families around the world will spend at Christmas, according to the aforementioned company estimates, 156% of their monthly income.

A study of the cost of Christmas 2022 in the areas of food, decoration, and gifts indicates that “families in Lebanon will pay the highest amount compared to their average monthly income (688%), i.e. an amount of $2,058.

The United States ranks fourth in spending globally, after Lebanon and Canada ($2,100) and Germany ($1,453).

Among the Latin American countries observed (Mexico, Guatemala, Colombia and the Dominican Republic), the first is the one with the highest proportion of spending planned for Christmas, with $1,076, or 206% of the monthly income per Mexican household.

The countries that will allocate the most money to buy Christmas gifts are the United States and Germany.

Of the 23 countries surveyed, “developing economies such as the Philippines, Uganda and Nigeria are likely to spend more than 100% of their monthly income during Christmas,” and the cost of gifts is highest in half (60%) of the nations,” he noted.

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