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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% less||16%|
|Yes, 10% less||5%|
|Yes, 20% less||5%|
|Yes, 30% less||4%|
|Yes, 50% less||9%|
|Yes, more than 50% less||13%|
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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