Frontpage News 2013 The Christmas pres...

The Christmas presents will not be bigger this year

11 December 2013

The economic recovery does not seem to affect the Danish gift budget. However, there are better chances of bigger Christmas presents in Jutland than in Zealand. This is according to a new survey conducted by A&B Analyse for the Danish Bankers Association.

In a new survey which A&B Analyse has conducted for the Danish Bankers Association, it shows that there is no prospect of bigger Christmas presents this year:

"The survey shows that the economic recovery does not immediately rub off on the generosity under the Christmas tree. 16.1 percent of Danes will spend less, while 11.6 percent will spend more. A large group will therefore neither use more or less," explains the Danish Bankers Association’s Chief Economist, Niels Storm Stenbæk, stressing that the Danes’ expectations of Christmas shopping vary by age and geographical location.

The budget is affected by negative changes in income

The survey asks about the reasons behind the size of the present budget. The answers reveal that the crisis consciousness is still in the Danes.
’’Those, who will spend more money on presents this year, typically justify it by changes in their family relations. In other words, people have become a part of the gift budget. Income changes play a smaller role,’’ says Niels Storm Stenbæk.
"On the other hand, those who will spend less on Christmas gifts, typically justify it with a fall in income. Income fall directly affects the gift budget, while income growth does not immediately make the Danes more generous Christmas guests. It is a sign that the Danes still worry about their personal finances," says the Chief Economist.

Gifts are financed from own pockets

When it comes to the financing of Christmas gift purchases, it is only a very small proportion of Danes who borrow money to do so. And that is - according to the Chief Economist - positive:
"The Danes show a rational private economic approach to Christmas. Only a few percent borrow money for gifts, while the vast majority spend money from their own savings. It is positive that the Danes are aware of the relatively high costs of, for example, "buy now - pay later" loans," says Niels Storm Stenbæk.
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