Executive Briefings

For the Holidays, Many European Countries with Weaker Economies Plan to Outspend Stronger Nations

With almost 28 percent unemployment and a lingering recession that's wiped out one-fourth of their country's economic output, it makes sense that Greek consumers plan to trim their Christmas spending by 12.8 percent this year. What's more surprising is that the average Greek budget for holiday gifts, food, and drink is €451 ($608)"”more than the €399 average in Germany, the country that has borne much of the cost of a Greek bailout.

For the Holidays, Many European Countries with Weaker Economies Plan to Outspend Stronger Nations

Residents of Ireland, another bailed-out economy, plan to outspend the Germans more than two to one this Christmas, with an average €894 budget. In Spain, where unemployment is at 26 percent, consumers expect to spend an average €567. In recession-hobbled Italy, meanwhile, the figure is €477.

The figures, taken from a survey of 17,000 consumers by Deloitte, finds that even the reduced holiday budgets in many weaker economies are still more extravagant than those of Germans.

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Residents of Ireland, another bailed-out economy, plan to outspend the Germans more than two to one this Christmas, with an average €894 budget. In Spain, where unemployment is at 26 percent, consumers expect to spend an average €567. In recession-hobbled Italy, meanwhile, the figure is €477.

The figures, taken from a survey of 17,000 consumers by Deloitte, finds that even the reduced holiday budgets in many weaker economies are still more extravagant than those of Germans.

Read Full Article

For the Holidays, Many European Countries with Weaker Economies Plan to Outspend Stronger Nations