That’s how much we plan to spend on Christmas presents

Many have drawn from their savings or even borrowed money to afford food over the past six months – and just over one in four households plan to keep costs down over the Christmas holiday.

This is according to a survey carried out by Kantar media on behalf of Swedbank and Sparbankerna.

– However, the survey shows that Christmas and New Year’s celebrations are a strong tradition in Sweden. Many want to prioritize and many try to prioritize this with Christmas presents and Christmas food, says Arturo Arques, private economist at Swedbank.

In a survey conducted by Kantar media on behalf of Swedbank and Sparbankerna, 60 percent responded that they had adapted their finances to the rising food prices. And 28 percent say they will cut back on their consumption during Christmas and New Year.

– Even if inflation is falling, the cost situation has gone up, so there are many people who take the safe side before the uncertain and simply keep a tight grip on their wallets, says Arturo Arques, private economist at Swedbank.

That’s how much is spent on Christmas presents this year

Two out of three state that they will spend a maximum of SEK 3,500 on Christmas presents and 69 percent plan to spend a maximum of SEK 3,500 on food and drink. You can also see that just over half have no plans to travel over Christmas and New Year.

– Food prices have increased by approximately 20-25 percent since January 2022. That is very, very much. However, the survey shows that Christmas and New Year’s celebrations are a strong tradition in Sweden. Many want to prioritize and many try to prioritize this with Christmas presents and Christmas food, says Arturo Arques.

“The gaps are increasing”

22 percent answer that at some point in the past six months they have taken out of their savings to be able to afford to buy food and five percent answer that they have borrowed money for the same thing. Of the households that plan to reduce their consumption during Christmas and New Year, 36 percent have taken from their savings and ten percent have borrowed money to buy food at some point during the last six months.

– It is worrying. This entire survey shows that the gaps in society are increasing. And the groups that have it very tough, they have it really, really tough. About a fifth of households live with little or no margins.

Optimism for next year

But optimism is increasing after all. 23 percent believe that the economy will improve in 2024, while half believe in an unchanged economy next year. This is an increase compared to last year, when 17 percent believed in a better private economy and as many as 37 percent expected a worse economy.

– We see, among other things, the announcement from the Riksbank that they would not raise the key interest rate, and that is clearly positive.