Giving Gifts That Count: Efficient Christmas Gift Ideas
The holiday season is an excellent time to show our loved ones how much we care for them by giving gifts. However, gift-giving can be tricky as it’s not always easy to spot the perfect gift. Luckily, economists have conducted research to help us give the most efficient Christmas gifts possible.
Here are some tips.
Give experiences, not things
According to psychologists, people feel more joyous when spending on experiences. So, instead of giving someone a physical gift, consider giving them an experience, like going on an impromptu day trip.
Focus on the other person’s interests
It’s essential to consider the other person’s interests when giving a gift. According to a study by researchers from the University of Chicago, gift-givers tend to overestimate the value of unique or unusual gifts and underestimate the value of practical gifts.
Instead of trying to find something unique, focus on finding something that the recipient will enjoy and use regularly.
While cash may seem like an impersonal gift, it’s actually one of the most efficient gifts you can give. According to a study by economists at Harvard University, people who receive cash as a gift are more likely to spend it on something they want or need than they would if they received a physical gift.
Consider giving consumables
Consumables, such as food or wine, can be an excellent gift because they provide an enjoyable experience that is also temporary. The recipient can enjoy the gift, and it won’t take up space in their home.
Avoid gift cards
While gift cards may seem like a good gift idea, they can be inefficient because they often go unused. According to a study by Consumer Reports, 27% of gift cards go unused. If you must give a gift card, consider giving one for a specific experience, such as a restaurant or movie theater.