In Australia we are a generous country that loves to spoil our family and friends with gifts. Nothing quite compares to the feeling you get when you are able to spoil your loved ones with a gift you know they will love. In fact, we are so generous that as a nation we spend almost $20 billion each year on gifts!
With 85 per cent of Australians getting more joy from giving gifts that receiving gifts, the $20 billion dollar figure is likely to keep increasing.
How does gift giving affect us emotionally?
Psychology experts say that the act of giving stimulates parts of the brain that are linked with pleasure and is beneficial for our overall emotional wellbeing.
Clinical psychologist and CEO of the Positivity Institute Dr Suzy Green said “Both giving and receiving are opportunities to enhance our positive emotional state which is essential for our mental health and wellbeing.”
Australians are becoming more environmentally conscious. This consciousness is being transferred when we are buying gifts for our loved ones. 81 per cent of Australians consider how long a gift will last when we choose it.
To reduce waste re-gifting is also becoming more common. 41 per cent of Australians have admitted to re-gifting gifts.
Sharing an experience
39 per cent of Australians said they favored giving gifts to loved ones where they can share the experience together. This is complemented by 58 percent of Australians think that celebrating another person’s special birthday with quality time is of high importance when it comes to gift giving.
Budgeting for gifting
Australians spend an average of $1,200 per year on gifts to our loved ones. When you break it down, that is $100 per month that we spend on gifts.
Social researcher Eliane Miles stated “Only 1 in 4 of us actually plan for the $20 billion worth of gifts we collectively buy.”
Setting financial budgets for every aspect of your life is the key to a successful financial future. If you need financial advice, click here to contact Power2, we can coach you down the path to a happy and healthy financial situation.