Budget for Christmas gifts this year at an average of 304 euros per person
According to a study, Germans are planning to spend more money on Christmas presents due to rising prices. The average budget for this is 304 euros per person, according to the GfK consumer researcher's survey of one thousand people on Thursday. Although this is slightly more than in 2022 (EUR 299), it is less than in the pandemic years 2020 and 2021 (more than EUR 320 each).
Families with children want to spend eight percent more on presents and spend 436 euros. Consumers with a net household income of at least €3,000 even want to spend 21% more and plan to spend an average of €396. Three quarters of households with a low net income, on the other hand, tried to save money when buying food for Christmas. They also want to eat out less during Advent and the holidays.
For almost 70% of Germans, it is important not to cut back on Christmas presents despite inflation and economic uncertainty. They are planning on the same budget as last year (44%) or even expect to spend more (25%). 31% of respondents intend to cut back. 13% do not intend to buy any Christmas presents at all.
GfK researchers expect a sales volume of 18.1 billion euros in the Christmas business this year. This is an increase of one percent compared to 2022. However, if the price development of the past twelve months is taken into account, the expected Christmas business is almost three percent below that of the previous year.
The survey has good news for bricks-and-mortar retailers: According to the survey, the proportion of customers who mainly want to buy their Christmas presents in-store will increase to 42 percent (2022: 39 percent). Social media plays an important role when it comes to gift ideas. A third of Germans and 44% of online shoppers now use Instagram & Co. as a source of inspiration.
- The GfK survey revealed that despite rising prices, 70% of Germans prioritize maintaining their usual budget for Christmas presents, with 44% planning to spend the same as last year and 25% aiming to spend more.
- In contrast, families with children and households with a net income of at least €3,000 are planning to increase their budgets for Christmas presents, spending 8% more and €396 on average, respectively, according to the survey.
- With an average budget of 304 euros per person, Germans plan to spend more on Christmas presents this year than in 2022 (EUR 299), but less than in the pandemic years 2020 and 2021, as reported in the GfK consumer researcher's survey.
Source: www.ntv.de
