2023-12-13 08:44:38
Budget for Christmas presents significantly smaller this year
Around 60 percent of Swiss people want to cut back on Christmas presents this year, according to a survey.
People buy Christmas presents on a Saturday before Christmas in downtown Zurich.
Steffen Schmidt (KEYSTONE)
Swiss consumers are likely to spend significantly less on Christmas presents this year than last year. According to the consulting firm EY, the budget will be cut primarily because of inflation and higher energy prices.
Therefore, according to the survey published on Wednesday, almost 60 percent of the 622 people surveyed want to reduce spending on Christmas presents “slightly” or even “significantly”. Specifically, according to EY, spending on loved ones will fall by over a fifth to an average of 282 francs per person. Last year, expenditure reached a record 343 francs.
Almost 60 percent of consumers surveyed said they wanted to reduce spending on Christmas presents in view of inflation and high energy costs. “After a weak wage round, another significant increase in health insurance premiums and a second increase in the reference interest rate with a corresponding impact on rents, the prospects for 2024 have clouded over,” said André Bieri, market manager at EY, in the statement.
The reduction in Christmas spending can also be seen across generations and women have shown themselves to be more willing to save than men. And even looking beyond Christmas shopping, a “dampening effect” of inflation can be seen. It is therefore to be expected that the effects of this declining domestic demand will have an impact on the entire economy, it goes on to say.
SDA
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