Biblical rain, gales from on high and floods too…it’s a wonder we didn’t see Noah on his Ark passing through the Irish Sea recently!
Yes, it is fair to say that over recent weeks we have all been challenged by some fairly unforgiving weather in the UK and with a constant wind of in excess of 50mph (80mph whenever I seem to get on a plane!) it would be fair to feel like the world is a fairly bleak place in the run up to the Christmas Holiday…however it seems that there is still room for some festive cheer and some that ACTUALLY has some economic meaning…
I was recently trawling through some very interesting economic data following a presentation from one of the leading investment banks. It caught my eye as it showed one of the biggest measures of increasing global prosperity I have seen in some time…in that the spend per capita on Christmas is increasing….but not only that, it is the actual spend on Christmas gifts that is increasing….there really is a Santa after all!!!
In truth the actual statistic that is being measured is the spend in the United States per capita on Christmas gifts…but as the world’s biggest economy and a country that has Barney’s as one of its leading department stores I am not complaining.
Being a man of simple means, I really like this as an indicator of prosperity as it is a measure of the average household and how they see the world. If your average blue collar employee is spending more in the local Target or Walmart, this will resonate throughout the world very quickly and in my (humble) opinion is a true sign of the road to financial prosperity.
It was heavily referred to in the recent UK general election that whilst the indicators of economic prosperity were there (more new jobs, increased global spend etc.) the average person still did not feel like they had money in their pocket to spend…well if you live in the United States…and believe in Santa Claus…you are clearly in for a bumper Christmas this year, with projected spend per capita at a very healthy USD812 per consumer, a spend which hit a low of USD712 per capita in 2011.
So on that basis, I will be checking out the Barney’s website to see what the delivery times to the Isle of Man are!
Senior Manager, Abacus Trust Company Limited