durchblicker: 713 million euros in cash gifts, 24 million euros less than last year, savings rate significantly lower this year
Vienna (OTS) – The cash envelopes for Christmas are getting thinner and thinner: while a total of around 927 million euros were given away in 2020, this year it is only 713 million euros(1) and thus 24 million euros less than in the previous year. On the other hand, the mood to buy increases: two thirds of the cash gifts are spent, the rest are saved. Last year it was exactly the opposite. This means that 475 million euros will flow into retail after Christmas this year, according to a current durchblicker study(2) among almost 1,000 Austrian households. After vouchers, cash is the second most common Christmas gift, followed by books, clothing and shoes, and sweets.
At an average of 243 euros, cash presents this year are 32 euros less than at Christmas last year. durchblicker CEO Martin Spona sees parallels here with the trade association’s forecast decline in sales in the Christmas business: “The still high inflation of 5.4 percent in November continues to put a strain on Austrian households. The positive news for retailers, however, is that last year’s saving spirit is giving way to a certain consumer mood. According to the survey, around two thirds of the cash given away, the equivalent of 475 million euros, is intended for consumer spending; a year ago only 265 million euros in cash gifts were planned for retail.”
Every second person can look forward to vouchers, 4 out of 10 get cash
Vouchers dominate the gift hit list this year with 52 percent, followed by cash with 39 percent and books with 31 percent. More than a quarter donated time together, and electronic devices such as smartphones and televisions were left under the tree by 12 percent. Cash was given away most often in Upper Austria (47 percent), and least often in Vorarlberg (28 percent). One in eight people received no presents at all for Christmas; in Tyrol the figure is even more than one in six. For three quarters of those surveyed, the Christmas presents were financed by their current income, a quarter had to rely on savings, and another quarter used their 14th salary for this. 28 percent say they spent between 100 and 200 euros on the gifts, and one in five said they spent 200 to 300 euros on them. After all, one in seven people put gifts worth over 600 euros under the Christmas tree.
Interest rates of up to 3.6 percent make saving more attractive again
Although consumer spending is increasing, at least 238 million euros in cash gifts will be saved or invested after the holidays. The motive for most people to save is their nest egg (66 percent), and almost every second person puts the money aside for their next vacation (43 percent). The savings account is still the method of choice for 8 out of 10 Austrians (78 percent). “The savings interest rates have developed very positively compared to the previous year, but compared to other European financial institutions there is still room for improvement in Austria,” says Spona. For money due on a daily basis you currently receive fixed but time-limited starting interest rates of up to 3.5% pa from local banks, and up to 3.6% pa percent for fixed-term deposits with a one-year commitment, as the comparison shows durchblicker.at/sparzinsen shows.
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Over perspective
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(1) Calculation: 7,526,440 people aged 18 and over in Austria (source: Statistics Austria) * 0.39 (proportion of those who receive cash gifts) * 243 (average value of money that Austrians receive as gifts) = 713,280,719 euros.
(2) Survey by Bilendi & respondi AG, n=981, representative of the population for M/F aged 18 and over, survey period: December 4th – 12th, 2023
Questions & Contact:
Kerstin Pleschberger
Tel.: +43 01 / 30 60 900-318
Mobil: +43 / 664 91 90 763
Email: k.pleschberger@durchblicker.at