Quick Answer 🔍How much money is spent on christmas worldwide in 2023?
Overall, 2023 holiday sales are expected to reach an estimated $1.2 trillion worldwide.
The global Christmas market is an enormous and constantly growing industry with billions of dollars being spent on food, festivities, decorations, and gifts each year.
While it’s challenging to give an exact figure to how much money is spent on Christmas worldwide, we do have data that shows estimates in excess of $800 billion per year.
Not only are billions being spent on Christmas and holidays for various reasons, but the global Christmas market is also expected to experience continued growth since the holiday season is widely popular.
Let’s look into the statistics related to Christmas spending.
Christmas Spending Statistics
- 2023 holiday sales are expected to reach an estimated $1.2 trillion.
- The U.K. is expected to have the largest share of Christmas gift spending in 2023 at 70%.
- Fiji is expected to have the largest global share of Christmas spending at 59% for decorations.
- The Philippines is expected to have a global Christmas spending share of 60% on food and beverage in 2023.
- United States Christmas sales are expected to account for $273 billion.
- Millennials are expected to be the biggest spenders in 2023 for Christmas.
- On average, Americans spend over $997 on Christmas gifts each year.
- Globally, online shoppers are estimated to spend $209.7 billion on holiday shopping between November and December.
- In 2022, retail holiday sales were estimated at $942 billion in the United States alone.
- U.S. holiday sales are expected to reach $966.6 billion for 2023.
How Much Money Is Spent on Christmas Worldwide?
1. 2023 Holiday Sales Are Expected to Reach an Estimated $1.2 Trillion.
The much-anticipated Christmas and overall holiday season is soon to be in full force.
Many shoppers have already finished their shopping, but statistics tell us that most shopping happens between November and the few days before Christmas in December.
Overall, 2023 holiday sales are expected to reach an estimated $1.2 trillion worldwide.
The United Kingdom is expected to have the biggest global share of Christmas gift spending at 70% in 2023.
However, their global share of spending on Christmas decorations is expected to be only 19% of the global share.
Moreover, the U.K. is expected to have only a 12% global share in food and beverage Christmas spending.
WorldRemit data suggests that Fiji will have the largest global share of Christmas decorations spending at 59% in 2023.
While their decoration spending is large, their share of gift spending is expected to account for only 28% and only 131% on Christmas food and beverage spending.
The biggest global spenders for the food and beverage segment of the Christmas season are in the Philippines.
This country is expected to have a global share of Christmas spending on food and beverages.
5. United States Christmas Sales Are Expected to Account for $273 Billion.
By far, the United States spends the most overall on Christmas and holidays during this season.
According to recent data, it’s expected that the United States will experience Christmas spending in excess of $273 billion for 2023 at a 1% YoY growth rate.
6. Millennials Are Expected to Be the Biggest Spenders in 2023 for Christmas.
It’s estimated that Millennials will spend $855 each on Christmas gifts in 2023 making this generation the biggest spenders for the year.
Gen X shoppers are expected to spend on average $832 each on gifts for the holidays.
Baby Boomers are expected to spend an average of $769 during the Christmas season. Gen Z is expected to spend the least $558 for the year.
7. On Average, Americans Spend Over $997 on Christmas Gifts Each Year.
Analytics reveal that on average, Americans spend $997.73 on Christmas gifts and other holiday items during the holiday season each year.
This tells us that Americans spend a lot of money on Christmas. Many are using “buy now pay later” options so they can spend more.
8. Globally, Online Shoppers Are Estimated to Spend $209.7 Billion on Holiday Shopping Between November and December.
We know that global Christmas spending is expected to exceed $1.3 trillion (USD) in 2023.
In 2022 between November 1 and December 31, global consumers spent an estimated $209.7 billion on their overall holiday shopping in 2022.
In just those two months alone, the world spent the most on holiday shopping.
9. In 2022, Retail Holiday Sales Were Estimated at $942 Billion in The United States Alone.
If you had any doubts about how much Americans love Christmas and spend a lot of money during this time, this data should clear things up for you.
A massive $942 billion (USD) was spent by Americans alone during the 2022 holiday season.
It’s expected to be higher for 2023 even under the current staggering economy.
10. U.S. Holiday Sales Are Expected to Reach $966.6 Billion for 2023.
According to Investopedia, retail holiday sales between November and December 2023 are expected to rise by 3% to 4% to set a new Christmas spending record of between $957.3 billion (USD) to $966.6 billion (USD) in the United States alone.
If 2022 numbers surprised you, how will you react to these projected 2023 numbers?
- 95% of U.S. consumers intend to participate in Christmas spending.
- Christmas shoppers between 45 and 54 will spend $1,161.98 on average.
- German Christmas shoppers’ spending accounts for more than 70% of their monthly income on gifts.
- 58% if Gen Z will be traveling for the 2023 holiday season.
- 38% of women prefer gift cards over 26% who want physical gifts.
- 75% of hotels plan to personalize the customer experience.
- Over 60% of holiday shoppers buy their gifts online.
- 23% of Christmas shoppers rely heavily on social media for making buying decisions.
- High-income consumers are more apt to buy Christmas shop online.
- 22% of American adults feel that their Christmas spending will increase their debt load.
How Much Does the World’s Population Spend on Christmas?
Globally, Christmas spending is estimated to achieve over $1.2 trillion for 2023.
The United State has the biggest spenders during the holiday season.
Christmas spending includes gifts, decorations, travel, entertainment, food, etc.
What Factors Influence Christmas Spending?
Here are the things that impact Christmas spending each year:
• Economy: Usually, a strong economy encourages overall spending, but especially during the holidays.
• Consumer confidence: Consumers who feel confident about their finances and personal financial status, spend more.
• Retail sales and promotions: Retail stores offer serious deep discounts and promotions over the holidays.
• Emerging trends and popular gifts: Toys and other gifts that are publicized as the Christmas season comes up encourage buyers to buy.
• Online shopping: The rise of eCommerce and online shopping has made holiday buying easier and faster than ever before. This has contributed a lot to Christmas spending.
How Does Christmas Spending Vary Across the World?
Christmas spending patterns usually vary across different countries due to cultural norms, unique traditions, and economic disparities.
For example, the United States and China are known to spend more at Christmas than in other countries like Germany and Switzerland where they put more emphasis on festive celebrations and traditional gift-giving.
Where Are the Top Categories for Christmas Spending?
Here are the key categories where holiday spending is the highest:
• Food and beverages
• Ornaments and decorations
• Travel and hospitality
• Entertainment and activities
Is There an Environmental Impact Associated with Christmas Spending?
The huge amount of holiday consumption associated with Christmas raises concerns regarding its environmental impact.
This includes things like excessive packaging, waste generation, and the transportation of goods all contribute to greenhouse emissions and environmental degradation according to environmental enthusiasts.
How Can Consumers Make More Sustainable Choices for The Holidays?
Here are a few tips for making eco-friendly choices to reduce the environmental impact for Christmas/holiday this year:
• Prioritize gifts that are ethically sources and sustainable.
• Choose durable and long-lasting gifts over disposable items.
• Minimize packaging and opt for reusable gift wrap.
• Support local businesses and avoid excessive transportation of goods.
• Consider donating to charities or gifting experiences instead of material goods.
What Are Some Tips for Saving Money on Christmas Gifts?
There are many ways to save money by buying Christmas gifts.
You can shop early and get in on some early sales and promotions.
You can also take advantage of the big discounts and sales on Black Friday and Cyber Monday which last at least 10 days depending on the retailer.
You may also want to consider homemade gifts which are more sentimental in value instead of spending a lot of money on gifts.
Be sure to create a reasonable budget that you can afford before you start your holiday spending this year.
As you can see from these figures, people all over the globe spend money during the Christmas holiday season.
The United States spends more than any other country on average, but individual countries have traditions they follow so spending is usually on specific items.
Now that you know how much money is spent on Christmas worldwide, how will you market to your audience?