Families around the world can expect to spend up to 24% more on Christmas this year

• Up to 84% of family’s monthly income is expected to be spent on Christmas this year 

• The UK is expected to spend 10% less on Christmas this year compared to 2022 

• Families in India are likely to be the least financially impacted by the festive season– spending just 5% of the average household’s income.

This year, families around the world are expected to spend up to 24% more on Christmas in comparison to last year. This comes as part of the WorldRemit annual Cost of Christmas study. 

The research has revealed that households in Cameroon will pay the highest amount compared to their average monthly income (83.67%) while families in India will be least financially impacted, with costs only accounting for 5% of the average household's monthly income. 

This data is part of WorldRemit’s annual 2023 Cost of Christmas Study, now in its third year, which observes how the changing macroeconomic environment affects the cost of universal Christmas elements.

The study compares the average cost of food, gifts, and decor to the average household incomes across 24 countries, to determine the festive season’s financial impact on families around the world. Nepal and Italy are the newest additions to the study for 2023.

Year-on-year Christmas spending

Canada saw the biggest percentage decrease in Christmas spend at -17.03%. However even with a decrease from 2022 spending, Canadians still spend the most overall at £1,413.23 GBP/ $2365.41 CAD totalling 41.6% of their monthly salary.

Cameroon and the Philippines are the countries that will see the largest spike in the cost of Christmas with the season predicted to cost 84% and 78% more respectively than in 2022. This anticipated high cost is brought on by both countries increase in inflation, which has WorldRemit predicting more extreme costs this festive season.

The UK has decreased spend by 9.7% from 2022 spending on average £859. Despite this drop, they still spend the sixth highest on the holiday season of all countries analysed. 

United Kingdom

• Total Year-Over-Year Difference: -9.7%

• 2023 Total Spend: £859

• Average Food Cost per Household: £100

• Average Gift Cost per Household: £600

• Average Decor Cost per Household: £159

• Percentage of Monthly Household Income: 23.2%

United States

• Total Year-Over-Year Difference: -2.51%

• 2023 Total Spend: $1,204.56 USD

• Average Food Cost per Household: $147.44 USD

• Average Gift Cost per Household: $826.12 USD

• Average Decor Cost per Household: $231.00 USD

• Percentage of Monthly Household Income: 18.14%

Canada

• Total Year-Over-Year Difference: -17.03%

• 2023 Spend: $2,375 CAD

• Average Food Cost per Household: $451.00 CAD

• Average Gift Cost per Household: $1308.00

• Average Decor Cost per Household: $616.00

• Percentage of Monthly Household Income: 41.56%

Australia

• Total Year-Over-Year Difference: 10.69%

• 2023 Total Spend: $1,863.86

• Average Food Cost per Household: $596.00

• Average Gift Cost per Household: $822.00

• Average Decor Cost per Household: $445.86

• Percentage of Monthly Household Income: 23.77%

Of the remaining 20 countries indexed, 15 will experience a higher cost of Christmas this year. 

A total of seven countries can expect to spend less on the Christmas season this year with South Africa (-1.87%), the Netherlands (-9.53%), Mexico (-11.14%) and Fiji (-12.32%) all experiencing decreases.

Which country spends the most per category?

Results show that Cameroon will be most impacted by this year’s costs compared to the nation’s average monthly household income, as most families can expect to pay close to 88% of their monthly income (or 7% of their annual salary) on the holiday. In fact, Cameroon is likely to spend 45.27% of their monthly salary on decorations alone. 

Other key findings from the remaining countries include:

• Dominican Republic (47%) and Cameroon (45%) spend more than 40% of their average income on Christmas decorations

• Mexico spends 29.53% of their average wage on gifts

• Cost of Christmas dinner is over 46% of the average monthly salary in the Philippines 

• Mexico (29.53%) and the Philippines (29.53%) spend the most on gifts in the festive season while India (2.34%) and Uganda (1.99%) spend the least

Please visit www.worldremit.com for more information.

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