Skip to content
Monday 17 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE · FR
MorningWire

European business, markets and politics

FTSE 100
10,720.30
-0.28%
DAX
26,338.61
-0.38%
CAC 40
8,579.60
-0.66%
STOXX 50
6,530.45
-0.14%
  • Europe
  • Markets
  • Business
  • Economy
  • Regulation
  • Politics
  • Opinion
More
GermanyFranceEU InstitutionsCompetitionPublic AffairsBankingTechnologyEnergy
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Regulation
  • Politics
  • Opinion
  • DE
Wednesday 20 December 2023 6:00 am  |  Updated:  Wednesday 20 December 2023 7:28 am

The Debate: Is it time to scrap the Christmas tradition of gift giving?

By: Morning Wire Comment Desk

Add as a preferred source on Google
gift giving debate

Morning Wire’s weekly feature takes the fiercest water-cooler debates and pits two candidates head to head before delivering The Judge’s ultimate verdict. This week we tackle the joy/scourge of gift giving. Is it time to abandon presents?

Yes: Gift-giving is a cultural tax on our good will

Maxwell Marlow is the Adam Smith Institute’s research director

It was the Christmas birthday boy himself who first said it was better to give than receive. Easy for him to say – he could turn water into wine and multiply as many loaves and fish as needed. The rest of us, not being omniscient, have what economists would call an acute information asymmetry.

How many memories do you recall of children throwing temper tantrums because a trinket didn’t fit with what they wanted? Market research shows 32m people have received at least one gift they did not want, which means wasted money, time and strained relationships. I can’t be the only one still angry at Alan Rickman for making Emma Thompson cry in Love, Actually, for buying that necklace for his mistress rather than her.

Snape’s infidelity aside, similar levels of asymmetry are stressful when incomplete information leads to an awkward exchange. Free trade between faceless mega corporations doesn’t operate in such a low information space – why should we subject our loved ones to such stabs in the dark? Gift giving is a cultural tax on our good will – academic Joel Waldfogel estimates holiday gift expenditure destroys 10-33 per cent of the value of said gifts, on a sliding scale between close to distant recipients.

Have you noticed Christmas starting earlier every year? This isn’t due to jolliness or festive cheer, but because retailers understand the short-run budgetary implications of holiday seasons and want you to pony up more. It is hard for the human mind to analyse the supposed preferences of dozens of relatives, coordinate which gifts they would like to receive, and condition it upon price point, satisfaction and the convenience of logistics. Put simply, gift giving is an uneconomical, information nightmare we would do better without! Bah humbug.

No: Presents are a small price for familial harmony

Benedict Spence is a freelance writer

When our Lord took corporeal form — a gift to the world from himself — he was confronted by three wizened old boys returning the favour with expensive rare trinkets, not to mention an accoutrement of agricultural labourers with era-appropriate plush animals for the Baby Jesus to play with.

And why not? They had been warned their God was a jealous God often enough before to take any chances. What’s a bit of myrrh to stave off locust plagues from a temperamental messiah? With the tone set, gift-giving at Christmas has endured — depending on how you view it, as a way of showing people they are valued, or of buying their compliance/silence over a fraught couple of days. You can’t choose your family, and as you are compelled to see them on such occasions, this is perhaps one Danegeld worth paying.

Read more

When the City unites: Why this year’s City Giving Day matters more than ever

Group of people, including two aldermen, holding City Giving Day balloons at an event.

Often, people feel pressure to source a range of presents and, being fully functioning adult humans, they leave it all to a frenzied rush at the last minute. Not me. For me buying gifts is a year-round thing, spotting items that make you stop and think of someone, picking up on hints, and setting them aside for the end of the year. Even a late gift that matters is better than a poor one on time — the very point is that time was taken. I’m confident what I’ve accrued this year for others will be appreciated.

And if not, as wonderful as the people in mind are, none of them are God, so any wrath incurred for a poorly-chosen gift will be minor. Gift giving isn’t the most important thing at Christmas, but it is a demonstration of sacrifice, obligation and memory to others. So why not partake? If it was good enough for Christ, it’s good enough for you.

The Verdict

Let’s start with the glaringly obvious: no one wants to be dumped with a crap gift. Coloured tissues, a second-hand jumper with a dog on it, an ugly puppy, “unwearable” socks, a rubbish bin with the Da Vinci Code inside it – as Marlow says, too many of us have received “presents” we simply do not want. This wastes money and time – inefficiencies economists, in general, despise.

Waldfogel has proved money spent on someone else yields 85 per cent of the benefit it would if spent on oneself: It’s “a lousy way to allocate resources,” the grinch-like economist concludes.

But what of the sentimental argument? Spence toasts the selflessness and forced empathy facilitated by gift giving. These are valuable traits too often in short supply. Gift giving can nurture them – as long as you don’t engage in panic buying (the aforementioned socks were purchased at a station retail outlet – go figure).

So: buy gifts and aim for them to be useful. One reader got in touch with the fond memory of a gift of Cushelle’s finest quilted toilet paper. A student at the time, this was practically a luxury and not a single piece of paper would be wasted. What joy for giver and receiver both. Verdict: rejected.

Read more

The Debate: Is Count Binface funny?

Count Binface in his distinctive silver bin helmet and black armored suit, giving two thumbs up.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • Opinion

Categories

  • Opinion

Related Topics

  • Christmas

Trending Articles

  • As it happened: FTSE 100 drops as oil prices rise after Trump makes Hormuz threat

  • Is the Zeekr 9X Super Hybrid the new luxury SUV to beat?

  • US bond market jitters spark UK economy recession warning

  • Grandparents fund university degrees to avoid inheritance tax net

  • Aldi boss wades into supermarket ‘price-gouging’ row

More from Morning Wire

  • When the City unites: Why this year’s City Giving Day matters more than ever

    Partner
    Group of people, including two aldermen, holding City Giving Day balloons at an event.
  • The Debate: Is Count Binface funny?

    Opinion
    Count Binface in his distinctive silver bin helmet and black armored suit, giving two thumbs up.
  • 5 Reasons to support City Giving Day 2026

    Partner
    Group of aldermen and participants holding balloons at City Giving Day event, UK flags in background.
  • The debate: should voting be compulsory?

    Opinion
    Ipsos Mori is one of the largest polling companies operating in the UK.
  • Sadiq Khan lobbies Burnham to appoint Miliband as Chancellor 

    Politics
    Sadiq Khan addressing media at a press conference in formal attire, discussing recent developments in London policies
  • The Debate: Should Britain set up a No 10 North?

    Opinion
    Andy Burnham supporters rallying with banners and signs at a political event, showcasing enthusiasm and solidarity
  • The Debate: Should political donations be capped at £100,000?

    Opinion
    Nigel Farage delivering a speech in July 2026, wearing a suit, addressing an audience at a political event.
  • Ask the expert: Will paying for my daughter’s wedding reduce my IHT bill?

    Personal Finance
    Marianna Hunt discussing financial strategies at a business conference, wearing a professional suit, engaging with the aud...
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • EU Institutions
  • Europe

Business

  • Markets
  • Business
  • Economy
  • Regulation
  • Competition
  • Public Affairs

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook