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Christmas spending statistics 2020

52% of Filipinos will spend less this Christmas.

The coronavirus-induced recession has changed our money habits and not even Christmas is immune. Finder polled 2,018 Filipino adults to reveal a whopping 52% plan to spend less this Christmas. Just how much less? Read on to find out.

Spending less on Christmas

Over half of Filipino adults plan to spend 31% less on average this Christmas. That means their Christmas spending could drop from 17,000 to ₱11,781, a difference of 5,219. It’s bad news for retailers too with an estimated 95 billion reduction in spending.

However, some people are cutting costs more than others. If you’re still hoping for a grand gift from your ninong or ninang, then you might be out of luck if they are one of the 13% who plan to reduce their total spend by over 50%. The good news is that 16% plan to reduce costs by only 5%, so Christmas might not look so different after all.

How much Filipinos plan to reduce their Christmas spend by:

Are you spending less this Christmas compared to last year?Percentage of Filipino adults
Yes, 5% less16%
Yes, 10% less5%
Yes, 20% less5%
Yes, 30% less4%
Yes, 50% less9%
Yes, more than 50% less13%

Who’s spending less?

Those aged 55–64 are most likely to say they’re cutting costs this Christmas (62%), followed by 45- to 54-year-olds (59%) and those aged 25–34 (56%). On the other end of the spectrum, 18- to 24-year-olds are the least likely to be cutting costs (48%), followed closely by those aged 65 and above (50%). Women and men are almost just as likely to reduce their Christmas spending with a difference of only 1 percentage point at 53% and 52% respectively.

Impact on retailers

Reduced consumer spending this Christmas will weigh on the economy with our estimates suggesting retailers and service providers could lose more than ₱95 billion. Of the 10 countries included in the survey, the Philippines had the second highest percentage of people planning to cut costs, behind only South Africa (56%). Just behind Filipinos are Hong Kongese and Indians (47% each), Canadians (43%) and Irish (42%). The countries with the lowest number planning to cut their Christmas expenses are Australians (37%), followed by Kiwis (39%) and Americans (40%).

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