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There is also a risk of over-indebtedness at Christmas 2020.
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Christmas is just around the corner and with it the most shopping time of the year. Despite the uncertainty caused by the second corona wave, retailers can hope for similarly good year-end business as last year. How Germans shop for Christmas 2020.
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According to a recent survey by the largest German market research institute GfK on the upcoming high phase of the Christmas business, a sales volume of 19.8 billion euros can be expected from the purchase of gifts. Consumers in Germany are planning to spend an average of 330 euros on Christmas gifts this year. That is a similar amount as in the previous year.
Differences in buying behavior
However, there are major differences in the purchasing behavior of the various age groups. “People between the ages of 50 and 59 who are about to retire are very worried about the effects of the corona pandemic on their personal financial situation,” said GfK. And half of the 50 to 74 year olds think it is right to forego the usual Christmas hustle and bustle this year. This also includes reluctance to give gifts. J
In contrast, according to the GfK survey, un consumers between the ages of 18 and 29 want to spend around 500 euros on gifts, almost twice as much as last year. And the younger, the shorter before Christmas these gifts are bought. Due to the Corona-related restrictions on leisure opportunities, shopping is more appreciated again.
Risk of over-indebtedness
Great gift ideas are tempting everywhere, banks advertise consumer loans and financing offers from the big chains tempt you to make spontaneous purchases. The most consumption-intensive time of the year therefore also carries the risk of debt; And Christmas is not only associated with an additional financial burden because of the gifts, but also costs for the Christmas decorations, the celebratory meal and the travel costs for visiting relatives and friends. Therefore, it is important to work out a certain Christmas budget in advance. What works and what doesn’t?
With the credit and financial management platform “My finances under control”, you can manage your personal finances and thus prepare for the extra expenses for Christmas. For a low monthly fee, you can access the easy-to-use online portal anytime, anywhere. A household calculator in which all income and expenses can be entered creates very clear graphical and tabular overviews. If you note all the costs associated with Christmas, you can refer to this data every year and use it as a solid basis for financial planning for the coming Christmas party. This avoids unpleasant surprises.
Manage the Christmas budget
But the service portal can do a lot more. With an integrated finance calculator, the financial burden of planned purchases can be determined. Existing loans can be created with the corresponding repayment schedule and displayed graphically.
However, there is also the possibility of making loan inquiries and carrying out a credit check. With a tariff calculator for insurance, loans, electricity and other expenses, individual savings can be determined. A clear overview of costs and potential savings that have been used enable a more generous Christmas budget.
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