Christmas Spending Statistics 2020
47% of Hong Kong adults will spend less this Christmas.
The coronavirus-induced recession has changed our money habits and not even Christmas is immune. Finder polled 1,215 Hong Kong adults to reveal that a whopping 47% plan to spend less this Christmas. Just how much less? Read on to find out.
Spending less on Christmas
Nearly half of all Hong Kong adults plan to spend 26% less on average this Christmas. That equates to $744 less for things like gifts, food and travel, with a total forecast spend of $2,172 based on last year’s average per-person spend of $2,916.
However, some people are cutting costs more or less than others. If you’re still hoping for an expensive gift or luxurious meal, then you might be out of luck if your gift giver or host is one of the 7% who plans to reduce their total spend by over 50%. The good news is that 14% only plan to reduce their spend by 5%, so Christmas might not look so different after all.
How much Hong Kong adults plan to reduce their Christmas spend by
|Are you spending less this Christmas compared to last year?||Percentage of Hong Kong adults|
|Yes, 5% less||14%|
|Yes, 10% less||7%|
|Yes, 20% less||5%|
|Yes, 30% less||6%|
|Yes, 50% less||7%|
|Yes, more than 50% less||7%|
Who’s spending less?
Those aged 35-44 and 55-64 are most likely to say they’re cutting costs this Christmas (51% each), followed by those aged 45-54 (48%) and 25-34 (47%). On the other end of the spectrum, 18-24-year-olds are the least likely to cut costs (39%), followed closely by those 65 and over (40%). More women say they’re reducing their Christmas spend than men; 48% compared to 46%, a difference of two percentage points.
Impact on retailers
Reduced consumer spending this Christmas will weigh on the economy, with our estimates suggesting that retailers and service providers could lose more than $1 billion.
Of the 10 countries included in the study, Hong Kong has the third-highest percentage of people planning to cut costs, tied with India. Those in South Africa are most likely to reduce their Christmas spend (56%), followed by the Philippines (52%). Meanwhile, Australians are the least likely to spend less this Christmas (37%), followed by New Zealand (39%) and the United States (40%).
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