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On Being More Present About Presents During the Holidays
With holiday spending expected to reach nearly $730 billion this year, it’s time to rethink how, what, and why we give.
It isn’t a secret that every year we spend way too much on gifts people don’t want, don’t need, and would never buy for themselves.
“Walk through a major department store in December,” writes economist Joel Waldfogel in Scroogenomics: Why You Shouldn’t Buy Presents for the Holidays. “The aisles are blocked not just with panicked shoppers but also with tables covered with ‘gift items.’ In the aisles near the men’s clothing department, you’ll find lots of golf-themed knickknacks — mugs festooned with golf balls, golf club mittens, brass tees, and so on. Would anyone buy this stuff for him or herself? Does anybody want it? I’ll hazard a ‘no’ on both counts. But it’s there every year, along with singing fish — and it sells — because of a confluence of reasons that together make a perfect storm for wasteful giving.”
Scroogenomics was published in 2009 but a decade later, the sentiment still holds. According to the National Retail Federation, this year consumers are expected to spend an average of $1,048 for holiday gifts (including for themselves) and other items such as food and decorations — an increase of 4% over last year — with total spending expected to reach between $727.9 billion and $730.7 billion.
