Holiday Spending and Regret
As a society we are brain washed to think we need to buy endless material gifts for loved ones during the holiday season. This has resulted in unbelievable amounts of stress for people, unnecessary debt, violence at Walmart, and billions of dollars put into the hands of corporations that have no relationship to you. All of this to keep up with a cultural norm no one really understands.
How did we end up in this mess?
Maybe it all started with the Wise Men in the Bible that brought Jesus gifts of gold, spices, frankincense, and myrrh? They brought Jesus these gifts to honor him. Maybe people interpret this as, buying gifts = showing love. Which we all know is not true. Maybe people interpreted this as they should knock over Walmart employees enroute to purchase a 62-inch big screen TV that is marked 90% off on Black Friday? Maybe people interpreted this as a way to show I care about you, even though I haven't spoken to you over the last 12 months and have no meaningful plans in the future to after this holiday dinner. Who knows? People and families are weird.
How bad is this mess?
36% of people took on holiday debt in 2024 (up 2% from 2023)
$1,181 was the average debt incurred from holiday spending
60% of these debt takers report stress
42% regret how much they spent
Of those that took on debt, 65% used credit cards
42% said their credit card interest was higher than 20%
1 in 6 people said they would open a new credit card to pay for holiday purchases
31% of holiday shoppers that used a credit card, carry that debt into next holiday. (Yes 31% = insane)
Americans spend $242 billion on holiday shopping and $311 billion on travel. Imagine the poverty this could solve.
21% of those taking on debt to purchase gifts said it will take 5 or more months to pay off. (reference 20%+ interest rate above = bad news)
76% of Americans report emotional pressure around holiday spending.
64% with a pre-existing mental health illness say the holidays make their condition worse
60% deal with post-holiday blues (aka being shocked when the credit card bill comes in the mail and gaining 10 pounds)
Drumroll..... and the most eye-opening statistic: 75% of Americans admit to getting one or more gifts they don't like during the holiday season.
So why the hell are we doing this!?!?!!
Solutions to not going broke and depressed over the holiday season:
Speak up when holiday plans are being organized and suggest the idea of purchasing one gift for one person, not all. (a Secret Santa)
Recommend a physical outing with family members versus the same old dinner, desert, nap, hangover routine.
Implement the 5-gift rule of Christmas:
Want, Need, Read, Do, Wear.
- One gift they want
- One gift they need (useful)
- One gift they will read (useful)
- One gift they do (useful)
- One gift they wear (useful)
When all else fails, be the Black Sheep and book a vacation with your spouse, family or friend, and totally avoid all holiday stress. Book your return flight for January 3rd. You can mail post cards to everyone from your beachfront Air BNB for $10.