According to a WorldRemit report, Christmas holiday spending will be 1.65 times the average monthly salary.
The average amount spent on the celebrations is projected to be Ksh 25,864 ($212). Food expenses make up about one-third of the budget for special occasions.
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The study found that households in Lebanon will pay the highest amount compared to their average monthly income (688%) while families in The Netherlands will be least financially impacted, with costs only accounting for 19% of the average household’s monthly income.
The findings observe how the changing macroeconomic environment affects the cost of standard Christmas elements.
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“The increase in the cost of Christmas was in part, attributed to a rise in the amount of money allocated towards food over the holidays. Families globally will likely need to shift their budget planning to accommodate for the increased costs of holiday meals,” the Survey noted.
The world right now is facing a huge inflation rate in most countries, for instance, Kenya’s inflation rate stands at 9.6% with food inflation setting a new high of 15.3% in October.
Household financial positions have deteriorated relative to their average incomes.
The 2022 findings show that some nations’ average seasonal increases were 33%, with the UK experiencing the most fluctuation as its residents’ prices increased by more than 60% from one year to the next.
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