Study: How Much Do Estonian Residents Spend on Christmas Gifts?
Nearly one-third of Estonian residents plan to spend 100-200 euros on gifts this Christmas, and over half of the population feels financial pressure during the holiday period, according to a survey commissioned by Swedbank.
According to a survey commissioned by Swedbank and conducted by research company Norstat, 12% of Estonian residents plan to spend less than 50 euros on Christmas gifts, 19% have budgeted 50-100 euros, 29% of residents plan to spend 100-200 euros, and 21% believe they will spend more than 200 euros on Christmas gifts. Altogether, 5% of respondents do not plan to spend any money.
"As expected, people in their forties with households of more than four members plan to spend the most on gifts, since children experience the greatest joy from Santa. Also, the amount spent on gifts increases with rising net income. For example, while people with a net income below 550 euros plan to spend mostly less than 50 euros on gifts, people with an income above 1500 euros most often spend 100-200 euros on gifts," said Tarmo Ulla, head of retail banking at Swedbank.
Gift-giving is common in Estonia – over one-third of respondents give gifts to more than five people, 17% give gifts to exactly five close ones, and 14% of residents fill stockings for two or three people. "By region, it can be said that Santas in Jõgeva, Järvamaa, and Saaremaa give the most gifts," said Ulla. Furthermore, 30% of residents also give gifts to colleagues and business partners, while 70% give gifts only within the family circle.
22% of residents use previously saved money for shopping, and 69% buy Christmas gifts from their existing bank account balance. 4% of respondents plan to use a credit card, and 1% borrow money to purchase gifts. 3% do not spend money at all and make gifts themselves.
Over half, or 53% of residents, feel financial pressure when giving gifts, most notably people aged 40-49 and those with lower incomes. "As many as 83% of respondents with an income below 350 euros and 75% of people whose net income is between 350-550 euros feel financial pressure during the holiday period. Those with five or more family members also feel above-average pressure," added Ulla.
However, when asked what they themselves would like for Christmas, 42% answered that a gift is not important to them, but rather attention and care, and 43% of residents value simply spending time with family. Half of residents said a gift could be something practical, 39% would prefer a surprise or an experience, and 9% of respondents do not want gifts at all. "We could all learn a lesson from this survey and invest more in our time and care this Christmas, rather than filling gift bags with great fanfare. Remembering that the greatest gift of the holiday season is time spent together, we can reduce the financial pressure that comes with shopping," said Ulla.
