Christmas

== Economy ==
{{Main|Economics of Christmas}}
[[File:Galerie Lafayette Haussmann Dome.jpg|thumb|Christmas decorations at the [[Galeries Lafayette]] department store in Paris, France. The Christmas season is the busiest trading period for retailers.]]
[[File:ChristmasMarketJena.jpg|thumb|[[Christmas market]] in [[Jena]], Germany]]

Christmas is typically a peak selling season for retailers in many nations around the world since sales increase dramatically during this time as people purchase gifts, decorations, and supplies to celebrate. In the United States, the "Christmas shopping season" starts as early as October.<ref>Varga, Melody. [http://retailindustry.about.com/od/abouttheretailindustry/g/black_friday.htm "Black Friday], ''About:Retail Industry''. {{webarchive |url=https://web.archive.org/web/20080517171329/http://retailindustry.about.com/od/abouttheretailindustry/g/black_friday.htm |date=May 17, 2008 }}</ref><ref>{{cite web
|url=http://womeninbusiness.about.com/od/womeninbusinessanswers/a/Wib-Answers-What-Is-The-Definition-Of-Christmas-Creep.htm
 |title=Definition Christmas Creep – What is Christmas Creep
|publisher=Womeninbusiness.about.com
 |date=November 2, 2010
|access-date=February 24, 2011
|archive-url=https://web.archive.org/web/20101227091731/http://womeninbusiness.about.com/od/womeninbusinessanswers/a/Wib-Answers-What-Is-The-Definition-Of-Christmas-Creep.htm
 |archive-date=December 27, 2010
}}</ref> In Canada, merchants begin advertising campaigns just before [[Halloween]] (October 31), and step up their marketing following Remembrance Day on November 11. In the UK and Ireland, the Christmas shopping season starts from mid-November, around the time when high street [[Christmas lights]] are turned on.<ref>[http://www.viewlondon.co.uk/whatson/south-molton-street-christmas-lights-feature-3530.html "South Molton and Brook Street Christmas Lights"] {{Webarchive|url=https://web.archive.org/web/20101119043958/http://www.viewlondon.co.uk/whatson/south-molton-street-christmas-lights-feature-3530.html |date=November 19, 2010 }} (November 16, 2010), ''View London.co.uk''.</ref><ref name=gar>Kollewe, Julia, (November 29, 2010), [https://www.theguardian.com/business/2010/nov/29/christmas-shopping-spree-starts "West End spree worth £250m marks start of Christmas shopping season"] {{Webarchive|url=https://web.archive.org/web/20161221072147/https://www.theguardian.com/business/2010/nov/29/christmas-shopping-spree-starts |date=December 21, 2016 }}, ''[[The Guardian]]''.</ref> A concept devised by retail entrepreneur [[David Lewis (English merchant)|David Lewis]], the first [[Santa's workshop|Christmas grotto]] opened in [[Lewis's]] department store in Liverpool, England in 1879.<ref>{{cite news |title=Liverpool's record breaking Christmas grotto beloved by generations |url=https://www.liverpoolecho.co.uk/news/nostalgia/liverpools-record-breaking-christmas-grotto-25517874 |access-date=15 April 2024 |work=Liverpool Echo}}</ref> In the United States, it has been calculated that a quarter of all personal spending takes place during the Christmas/holiday shopping season.<ref>{{cite news|title=Economics Report – Holiday Shopping Season in the U.S. |date=December 3, 2004 |author=Gwen Outen |url=http://voanews.com/specialenglish/archive/2004-12/a-2004-12-03-2-1.cfm |publisher=Voice of America |archive-url=https://web.archive.org/web/20090303072926/http://www.voanews.com/specialenglish/archive/2004-12/a-2004-12-03-2-1.cfm |archive-date=March 3, 2009 }}</ref> Figures from the [[US Census Bureau]] reveal that expenditure in department stores nationwide rose from $20.8{{nbsp}}billion in November 2004 to $31.9{{nbsp}}billion in December 2004, an increase of 54 percent. In other sectors, the pre-Christmas increase in spending was even greater, there being a November–December buying surge of 100 percent in bookstores and 170 percent in jewelry stores. In the same year employment in American retail stores rose from 1.6{{nbsp}}million to 1.8{{nbsp}}million in the two months leading up to Christmas.<ref>US Census Bureau. [https://www.census.gov/Press-Release/www/releases/archives/facts_for_features_special_editions/005870.html "Facts. The Holiday Season"] December 19, 2005. (accessed November 30, 2009) [http://webarchive.loc.gov/all/20100507013857/http%3A//www%2Ecensus%2Egov/Press%2DRelease/www/releases/archives/facts_for_features_special_editions/005870%2Ehtml Archived copy] at the [[Library of Congress]] (May 7, 2010).</ref> Industries completely dependent on Christmas include [[Christmas card]]s, of which 1.9{{nbsp}}billion are sent in the United States each year, and live Christmas trees, of which 20.8{{nbsp}}million were cut in the US in 2002.<ref>US Census 2005.</ref> For 2019, the average US adult was projected to spend $920 on gifts alone.<ref>{{cite web |last1=Haury |first1=Amanda C. |title=Average Cost of an American Christmas |url=https://www.investopedia.com/financial-edge/1112/average-cost-of-an-american-christmas.aspx |website=Investopedia |publisher=Dotdash |access-date=December 17, 2019 |date=November 8, 2019}}</ref> In the UK in 2010, up to £8{{nbsp}}billion was expected to be spent online at Christmas, approximately a quarter of total retail festive sales.<ref name=gar /> 

[[File:Monthly Changes in Currency.jpg|thumb|left|Each year (most notably 2000) [[Federal Reserve System|money supply in US banks]] is increased for Christmas shopping]]

In most Western nations, Christmas Day is the least active day of the year for business and commerce; almost all retail, commercial and institutional businesses are closed, and almost all industries cease activity (more than any other day of the year), whether laws require such or not. In [[England and Wales]], the [[Christmas Day (Trading) Act 2004]] prevents all large shops from trading on Christmas Day. Similar legislation was approved in Scotland in 2007. [[Film studio]]s release many high-budget movies during the holiday season, including Christmas films, fantasy movies or high-tone dramas with high production values to hopes of maximizing the chance of nominations for the [[Academy Awards]].<ref>{{Cite journal|last=Zauzmer|first=Ben|date=January 31, 2020|title=Oscar Seasons: The Intersection of Data and the Academy Awards|url=https://hdsr.mitpress.mit.edu/pub/6lpet0sx|journal=Harvard Data Science Review|language=en|volume=2|issue=1|doi=10.1162/99608f92.6230ce9f|s2cid=213681214|access-date=November 15, 2021|doi-access=free}}</ref>

One economist's analysis calculates that, despite increased overall spending, Christmas is a [[deadweight loss]] under orthodox [[microeconomic theory]], because of the effect of gift-giving. This loss is calculated as the difference between what the gift giver spent on the item and what the gift receiver would have paid for the item. It is estimated that in 2001, Christmas resulted in a $4{{nbsp}}billion deadweight loss in the US alone.<ref name="Deadweight">Joel Waldfogel "[https://graphics8.nytimes.com/images/blogs/freakonomics/pdf/WaldfogelDeadweightLossXmas.pdf The Deadweight Loss of Christmas]" (PDF), ''American Economic Review'', December 1993, '''83''' (5). Retrieved December 25, 2023.</ref><ref name="econ">[http://www.economist.com/finance/displayStory.cfm?Story_ID=885748 "Is Santa a deadweight loss?"] {{Webarchive|url=https://web.archive.org/web/20051221102605/http://www.economist.com/finance/displayStory.cfm?Story_ID=885748 |date=December 21, 2005 }} ''The Economist'' December 20, 2001.</ref> Because of complicating factors, this analysis is sometimes used to discuss possible flaws in current microeconomic theory. Other deadweight losses include the effects of Christmas on the environment and the fact that material gifts are often perceived as [[white elephant]]s, imposing cost for upkeep and storage and contributing to clutter.<ref>Reuters. [http://www.enn.com/today.html?id=9475 "Christmas is Damaging the Environment, Report Says"] {{Webarchive|url=https://web.archive.org/web/20070312225752/http://www.enn.com/today.html?id=9475 |date=March 12, 2007 }}, December 16, 2005.</ref>