The book “Scroogenomics: Why You Shouldn’t Buy Presents For The Holidays” was published just in time for the Christmas gift market. It is written by Joel Waldfogel who outlines why we should turn our backs on the Christmas gift market. It’s all a big waste, he believes.
Waldfogel’s surveys have asked people how much they would have paid for gifts had they not received the items. The average the recipient would have paid comes out at nearly 20% less than was actually paid. This results in a global loss of value of some £15bn, yes billion, pounds.
An interesting theory and you can read a little more about it in this BBC article. When I heard this item on BBC Radio 4 it seemed to ignore the value gained by the giver of the presents.
What are your thoughts on this subject? There are some wonderful examples of bad gifts in the comments section of the BBC article.