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3min chapter
The Company That Cancelled Christmas
Cautionary Tales with Tim Harford
The Economics of Christmas
Economist Joel Wollfogel has spent years studying the economics of Christmas. He looks at how much people spend in typical months and compares it to December. In his book, published over a decade ago, he reckoned that Americans spent about $66 billion extra in the run-up to Christmas. The figure today would be around $100 billion. And this isn't just the American consumer gone wild. Around the world, countries which celebrate Christmas see large booms in spending in December - including the UK where Fairpack is based.
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