Consumers in the U.S. now spend over $1,000 annually on gifts for holiday, plus additional spending while shopping through all those great bargains.
Spending extravagantly on holiday gifts may be an American tradition, but we would all be better off without it.
Black Friday and the subsequent weeks have become open season on our bank accounts. While we may think we are doing the hunting ourselves, oftentimes the opposite happens and our own efforts end up costing us dearly.
I know the value of giving something with sentimental value is immeasurable, as well as gifts that save money or provide experiences they’ll remember forever.
But the vast majority of holiday spending does not follow this route; rather it involves giving others what you think they want or thinking they need from wish lists or guesswork. Unfortunately this process can be extremely inefficient; no matter how accurate a gifter may be in buying only what’s necessary; vice versa!
So the holidays have turned into an inefficient commercial exchange, leaving everyone with gifts of no sentimental or practical value and an accompanying sense of guilt.
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