Christmas is almost upon us and, as always, it‘s accompanied by a shopping frenzy - people rush to buy perfect gifts for their loved ones. But how much do people actually spend on their Christmas gifts and how to get extra cash during the holiday season?
Christmas Gifts Spending
Americans expect to spend approximately 885 dollars on Christmas gifts this year, less than the year before (906 dollars), according to a Gallup report.
The British remain the largest spenders for Christmas gifts in Europe with 321 Euros (~365 dollars) last year, according to Statista. The Spanish, Germans, and Italians follow next with expenses between 252 to 197 Euros on average (~287 to 224 dollars). The European average is far below the American average and is estimated at 188 Euros (~214 dollars).
In 2017, people spent a whopping 122.1 billion dollars in e-shopping and mail-order catalogue purchases, and 128.1 billion dollars in food and beverage stores - that’s where the highest holiday sales were recorded.
This year, the forecast for sales is that they’ll be around 4.5 percent higher, leading to a total of 720.89 billion dollars spent on gifts.
Finances for Christmas Spending
These numbers are pretty impressive, so how do people actually finance their Christmas spending?
Data shows a lot of people take credit card loans, as they cannot cover all their daily expenses and Christmas gifts with a single paycheck.
This is a big problem in the US where the total credit card debt amounted to 1.12 trillion dollars in 2017, many other countries are in big trouble as well, like Switzerland, Denmark or Australia, where household debt to GDP ratio is way above 120.
Stress-Free Xmas is not impossible
We all know - the Christmas period can be very stressful, from planning the spending and looking for the ideal gifts at affordable prices to preparing dinners and hosting family and friends.
The process is especially stressful for people who are borrowing to fund their spending. One of the most seamless and cheapest alternatives is crypto-backed loans, as the loan can be issued instantly, without credit checks and other verifications. They are just secured by cryptocurrency assets and include low-interest rates.
Therefore, before you get into the frenzy of Christmas gift shopping, explore crypto-backed loans. If you get a crypto-backed loan, you’ll remove all the money-related stress and have a truly merry Christmas.