Christmas is a ‘waste of money’

London: Christmas is a waste of money because people who give presents overestimate how much recipients will enjoy their offerings, economist Joel Waldfogel said.

“The way we celebrate Christmas around the developed world is with an orgy of value destruction that vaporises $25 billion (€16.5bn) per year,” he said in a lecture in London.

“People value the items they receive as gifts 20% less per dollar spent than the items they purchase for themselves. These are items that are not well-suited for their tastes.”