With Christmas one week away and the holiday season in full swing, most of us are preparing to travel, cook, gather and reflect on the previous year. This is when we spend quality time with family, friends and co-workers and take in copious amounts of food and drink.
For some, this is a time of celebration and relaxation while others observe the religious aspect of the holidays.
Unfortunately, the true meaning of the holiday season takes a back seat to the gluttonous shopping, spending and gift giving. We have morphed into a culture of consumption and for many, this is the time of year to indulge.
A Look at Holiday Spending
According to a survey conducted for the National Retail Federation, consumers plan to spend approximately $750 on gifts, food, decorations and other holiday items this season. Not surprisingly, fifty percent of people indicated they will dip into savings or borrow money in order to afford their holiday shopping.
For these people, the cost of holiday consumption will be more when you factor in lost interest on savings and paid interest on borrowed money.
Incredibly, according to a study conducted by American Research Group, Inc., planned spending by those making online purchases is $1,245, up from $714 in 2011.
So, despite the impending “fiscal cliff” and the lagging economy, overall consumer spending will increase this year by 1.2 percent and has gone up each of the previous five years.
Deconstructing Consumption
Like the unrealistic lure of homeownership to achieving the “American Dream,” holiday shopping, spending and gift giving has become part of our culture.
While giving gifts can be a wonderful and meaningful experience, most holiday shopping involves little sentiment and most purchases maintain only their monetary value.
Most will receive toys, clothing, electronics and other items that will further clutter our lives. Even worse, many will simply purchase (and receive) gift cards. What could be more meaningless than a rectangular piece of plastic?
In my family, we have resolved to deconstruct this consumption. We have implemented the “Secret Santa” method of gift giving. Every person buys a gift for only one other person and there is a $30 spending limit.
In addition, we have vowed to create traditions and memories that will surround us during the holiday season. Rather than compounding interest, these traditions and memories will hopefully compound for years to come.
I am not a scrooge, I promise you. I interpret this through the lens of a bankruptcy lawyer and I see the destructive byproduct of consumption. With technology and the 24/7 marketing bombardment, it is hard to escape the vice grip that is the need to consume.
If nothing else, the holiday season should be the time of year we withdraw from this need and focus on what we already have rather than what we do not.