The hidden numbers behind our festive season spending
From Swiss shoppers dropping €43 per person on chocolates to 64% of European shoppers opting for second-hand gifts, here’s where our money goes during the holidays.
4 min read
Holiday spending has always been a big part of the festive season, with consumers embracing the spirit of generosity with open hearts and even wider wallets. From North America’s massive splurges to Europe’s obsession with Christmas trees and chocolate, the numbers tell a story of unmatched holiday cheer, indulgence, and a few festive surprises! Here, we look at where our money goes (and goes and goes) during the holidays.
Splurging during the holidays
The holiday spirit doesn’t just warm hearts — it opens wallets, too. In 2023, shoppers were on a spending spree: North Americans splashed out a jaw-dropping €870 billion during the holiday season, up 3.8% from 2022, despite inflation making everyone feel the pinch. The U.K. wasn’t far behind, with consumers shelling out an impressive €99 billion on all things festive. Germany followed with €86 billion, Italy chimed in with €44 billion, and Spain kept the party going with €30 billion in holiday purchases.Even smaller countries got in on the action, with the Netherlands splurging €15 billion in holiday spending, while Belgium added €11 billion to the mix. Clearly, across Europe, the season of giving is also a season of serious spending.
The shopping crazes that define November
November is the superstar of the shopping season, with Black Friday and Cyber Monday kicking off a global sales frenzy. In Western Europe, Black Friday steals the spotlight. In 2022, iOS users made 81% more in-app purchases on Black Friday compared to the rest of November — also proving that digital shopping is thriving right alongside in-person purchases.In the U.S., 62% of consumers hit the stores (or their phones) for Black Friday deals, while 45% plan to shop on Cyber Monday. Across the pond, 76% of French shoppers start their Christmas shopping weeks early to grab those Black Friday bargains. But not everyone’s a fan of the early hustle — 53% of Spaniards prefer to wait until December to dive into their holiday shopping.
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As living costs rise, more shoppers turn to second-hand marketplaces to save money and spread the holiday cheer. A survey of 5,000 consumers across Belgium, France, Germany, Italy, the Netherlands, and Spain found that 64% were considering second-hand gifts for Christmas 2023 — doubling from 32% in 2022. In France, pre-loved gifting has gone from niche to mainstream, with 52% of shoppers embracing it this year, compared to just 20% in 2021.And let’s not forget the power of shopping small. For many small businesses, the holiday season is make-or-break. 25% of annual revenue for half of U.S. small businesses comes from holiday sales, and for some, it’s even higher — up to 50% of their yearly income. Yet, only a third of consumers realize how much their spending can support these businesses. For small business owners, holiday shoppers aren’t just customers — they’re lifelines, helping keep the lights on through the rest of the year.
From trees to treats: the cost of Christmas magic
When it comes to festive spirit, the Christmas tree is a star player. Europe grows nearly 80 million trees every year, with Germany leading the pack and grabbing 25% of the market. Across the EU, the Christmas tree business is worth a whopping €1.5 billion, but where you live can seriously impact the price of a festive fir. A 1.8-meter tree can cost anywhere from €29 to €75, with prices creeping up by 7% this year — because even our beloved Christmas trees aren’t immune to inflation!And let’s not forget the holiday feast — another big part of the Christmas magic. In 2023, the cost of filling up that festive table took a sharp turn upwards. Spain saw the biggest spike in food prices, with a 13.5% jump compared to last year, making it the country with the highest rise in Christmas food costs. Hungary and Italy weren’t far behind, with their food prices rising by 12.1% and 7.8% respectively.When it comes to holiday treats, though, Europe is still on a sugar high. Switzerland takes the top spot in Christmas chocolate consumption, with the average person dropping €43 on sweets, and Belgium and Germany coming in at €16 and €15, respectively. Globally, boxed chocolates are a holiday staple, with Hershey leading the charge at 8% of the market, followed by Lindt at 6.9% and Reese’s at 5.6%. It turns out that no matter where you are, chocolate is a major part of the universal language of holiday cheer.
Navigate the shopping season with N26
As an N26 card holder, you don’t have to break the bank to get your holiday shopping done. With Spaces, you can create multiple sub-accounts, each attached to a different savings goal — like gifts to buy on Black Friday. This makes storing away some extra cash each month a little bit easier. Plus, with N26 Insights, your spending is automatically categorized, helping you to stay on budget and avoid those impulse buys.
