The cost of Christmas around the world

Christmas is a time of joy and celebration, but it can also be a significant financial burden for many families.

According to WorldRemit's 2023 Cost of Christmas study, the expenses associated with the holiday season vary widely across different countries.

Let's take a look at how much families around the world are likely to spend on Christmas this year.

WorldRemit's study reveals that families spent up to 24% more on Christmas in 2023 compared to the previous year. This increase was driven by rising costs of food, gifts, and decorations, which are essential components of the festive season.

In Canada, despite a 17% decrease in spending from 2022, Canadians still spent the most overall, with an average of $2,100 per household. This accounts for 41.6% of their monthly income.

Lebanon surprisingly is the second largest spender on Christmas. Families spent an average of $2,058 during the festive season. This represents 688% of their monthly income.

American families were not left out as they spent around $1,236, which is about 18.14% of their monthly income.

UK households spent approximately $1,075, a 9.7% decrease from 2022, representing 23.2% of their monthly income.

Australians saw a 10.69% increase in spending, with an average cost of $1,077 per household.

Breakdown of costs

The study categorises Christmas expenses into three main areas: food, gifts, and decorations. Here's a closer look at how these costs are distributed:

• Food: In many countries, food is a significant part of the Christmas budget. For example, in the Philippines, 60% of the Christmas budget goes towards food.
• Gifts: Gifts are often the largest expense. In the USA, 69% of the Christmas budget is spent on gifts.
• Decorations: Decorations also take up a considerable portion of the budget. In Canada, 26% of the Christmas spending is on decorations.