It’s that time of year, and many industries are getting their fair share of the business.
It’s a time of giving, which means more people than we can count will be bringing their wallets to share a little love with the people they care about.
The usual gifts for the holidays have been leaning towards the technological extreme, putting gadgets and electronic devices at the top of everyone’s lists.
Choosing Tech Products as Gift
Recently, we discussed the tech products you can buy and give to your loved ones as a gift this Christmas.
This is nothing new and will not change in any way.
As technology keeps advancing and shaping all industries, new electronics with better features make it the choice of most people to bring home and to offer their friends.
If you want to ‘wow’ your family and friends this Christmas, you can purchase a stylish device that can recognize your voice and decode commands with A.I.
The technology sounds a bit more expensive and difficult to make than a sock.
That changed the way we give gifts and has changed the amount of money we spend on them, as reported in a recent study by .
Facts about Spending during Christmas Season
The average consumer has inevitably made the holiday period really expensive for the past 30 years by always choosing the newest product.
Even new events that drive sales like Black Friday and Cyber Monday have had an impact on spending as consumers are eager for more.
For example, in 2019, more than $ 800 billion was spent on Christmas gifts across the United States.
The average American tends to focus their attention on the latest and therefore most expensive products on the market.
A regular outlay would be around $ 706 per year for each household.
If we go to Europe, we can find similarities in the way they use their money at parties.
The average UK shopper spends £ 512 each year on their gifts, which is part of an increase in numbers that has been going on for the past nine years.
However, the total spending is far less than in the US at a small amount (by comparison) of £ 20bn.
Other countries show different trends in how much they spend on Christmas.
A good example is Canada, which reduced its total to $ 11 billion and an average of $ 369 spent on gifts.
Going further, Australia and New Zealand, the two countries next to Canada on this matter, are slightly closer in numbers, with £ 10.3 billion spent in the first country and £ 5 billion in the second, as well as £ 295 and £ 166. per household, respectively.
The top spending country has seen some drastic changes in its economy, leaving large numbers of people out of work or receiving significantly lower wages, which would mean that the average would drop.
But not everything is what it seems. The launch of the new PlayStation 5 and Xbox Series X has shown that the consumer spirit lives on with an enormous number of pre-orders in the US and around the world.
After all, it is the perfect time to dedicate it to what we really want.