Economists Tell You: What Gifts are Best for Christmas

What gifts should I give you? ” This problem happens more than once a year. How do you solve it?

Economists will tell you that the best gift is cash. Because when the gift you bought me was useless, it deeply hurt our wallets as well. Every friend who receives our present is always a happy expression, thank you, but do they really like and need a present for us?

Almost 1/4 Europeans received unwanted Christmas presents in 2015, according to ING Group, a Dutch financial group.

According to ABN Amro’s “Christmas International Survey Special Report 2016“, about 81 million gifts at Christmas 2015 are not appreciated, with an estimated value of about 45 euros each.

According to ING, 3.7 billion euros were wasted on unappreciated gifts in 2015, while 10 percent of Europe’s population was in debt to buy gifts. Ian Bright, a senior economist at ING, said in a briefing, “while more people are planning ahead and saving specifically for Christmas, there are still some people who are in debt to please their families and friends. And they may not remember what they received a year later. “

When you go to great lengths to buy a gift, the person doesn’t like it. Such an outcome is really unacceptable. So Joel Waldfogel, an American economist and professor at the University of Minnesota, says it must be better to give cash directly than to give gifts, because it removes the risk of dissatisfaction, ensures happiness for all involved and makes the economy better. Turning gifts directly into cash may be an economic perfect solution that doesn’t waste, but does cash really carry the unique meaning of gifts?

Kit Yarrow, a consumer psychologist and author of decode New Consumer thinking, argues that the essence of gift giving lies in the heart behind the gift and the time taken to find the perfect Christmas gift for lovers. “When we were Neanderthals, we exchanged gifts because it was meaningful and magical.”

Ideally, gifts are meant to ascend, celebrate, and form relationships-not just for goods. In response to the paradox that giving cash doesn’t express a gift, economist Waldfogel also offers a solution that allows consumers to actually buy gifts for loved ones and enjoy the “warmth” of giving. It also ensures that the economy does not have to pay the price. “For kids, the present gift problem is not a problem,” Waldfogel said. But the problematic situation is related to someone you don’t know, for example, you have a brother-in-law, you only meet him once a year, and now it’s Christmas time, so you have to buy gifts for him. ” He added, “it might be better to consider giving him a gift card, which avoids the stench of cash.” Or even make a charitable donation in your name.

Don’t forget to give yourself a present at Christmas. After a year of hard work, you should love yourself the most. Yes, studies have shown that the gift you choose to give yourself makes you happier!

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