Nairobi — Kenyan families are expected to spend 17 per cent less on Christmas celebrations this year compared to 2021, a new data from WorldRemit, shows.
The London-based money remittance firm, however says, the average spending on Christmas will be 1.65 times the country’s average monthly income, highlighting the costs associated with celebrations.
Now in its second year and covering 23 countries globally, the WorldRemit Cost of Christmas Study observes how the changing macroeconomic environment affects the cost of Christmas, including the main holiday meal, average gift spending and decor.
The 2022 study shows that families around the world can expect to spend up to 156 per cent of their monthly income on Christmas.
Households in Lebanon will pay the highest amount compared to their average monthly income (688 per cent) while families in The Netherlands will be least financially impacted, with costs only accounting for 19 per cent of the average household’s monthly income.
With unique traditions, gift giving ideas, and seasonal meals in every region, the global landscape sees a wide diversity of costs associated with the holiday season.
In addition to the 14 countries covered in the 2021 study, the new study added 9 new countries this year to further observe the ways different cultures celebrate, and budget for, the global holiday.
The study compares the average cost of food, gifts, and decor to average household incomes to determine the season’s financial impact on families around the world.