Omolabake Fasogbon
A new study by Cross-border Payment Company, WorldRemit has revealed that Nigerians spend not less than 196 per cent of their monthly income on Christmas celebration.
The multi-country study further revealed that Nigerians spends nearly one-fifth (16%) of their annual income on holiday.
The study analysed the true cost of Christmas in 14 countries, mining data to showcase the average costs of traditional Christmas meals, decorations and gifts.
The countries sampled included: United States of America, United Kingdom, Canada, Australia, France and Philippines.
Others are; Mexico, India, Kenya, Lebanon, Rwanda, Cameroon, Uganda and Nigeria.
The findings revealed that like Nigeria, countries like Mexico, Lebanon, Philippines, Cameroon and Rwanda also spend 196 per cent of their monthly income on Christmas celebration.
Of the 14 countries observed, data showed that Rwandans are most impacted by the disparity between average household income and holiday costs, spending 708 per cent of their monthly income and nearly 60 per cent of their annual income on the holiday.
Filipinos on its part spend 257 per cent of their monthly income on holiday as the region begins Christmas celebrations in September, which extends till January of the New Year.
According to the study, this makes it challenging for many families to afford the basic costs of Christmas, adding that celebrating Christmas in countries like the Philippines, would be near impossible without remittances.
World Remit submits that over 244 million people are classified as immigrants around the world and account for large percentages of populations in countries like the United States (14.4, % of total population), UK (9%)Australia (30%)and Canada (21.5%).
It argued in a statement, “During the holidays, immigrants and overseas foreign workers are often unable to celebrate with their families in-person, and find themselves working to support not only themselves, but also their families and communities back home.
“Christmas is one of the primary reasons immigrants and migrants send money back to their home country. Because of the high cost of coveted seasonal items like food, and the overall impact COVID has had on supply chain and inflation, it is vital for remittance senders to be able to support those dearest to them by helping make Christmas a reality for their loved ones”
