The Price of Xmas: Almost 1/3rd of Americans expected to land in debt

This year's surge in Xmas spending highlights why the holiday season is a multi-billion-dollar event.Photo by(The Pug Father/Flickr)

Record Spending, Debt & Marketing Power

New York City — "It's the most wonderful time of the year..." Christmas carols serenade tired ears in the City That Never Sleeps.

Macy's famed storefront, in Harold Sq., dazzles window shoppers. A rosy-cheeked Santa look-alike seemingly waves on every corner.

"Have a complimentary cup of Eggnog while you shop," the antler-eared greeter tells wide-eyed shoppers.

At every turn, commercials dangle "50% off specials." Kay Jewelers cautions us only a Grinch would miss the chance to gift a significant other "this special diamond." And, oh, the special message came courtesy of your "friends" at Kay!

Wherever our attention goes, our energy flows...

...Aha! No wonder this year's Christmas spending shattered records. Unfortunately for about one-third of the country, though, according to a LendingTree survey, 30-35% of adults annually go into thousands of dollars in debt during the holidays.

As interest rates continue to rise, this means each year during the holidays — Americans rack up around $1500 in debt.

Ouch!

Capitalism refuses to even give Santa a break

This advertisement from 1938 reveals how long Santa and Coca-Cola have been in business.Photo by(Jim/Flickr)

"How'd Christmas go from celebrating our Savior's birth to promoting a jolly fella and encouraging us to drain our savings on gifts?" Pastor Bernard asked the congregation.

Had the occasion been right, I surely would've shot to my feet. Ahem...

...Seconds after clearing my throat, I would've reminded the good pastor that before Coca-Cola "invented" Santa, to endorse soft drinks and drape him in their trademark red-and-white colors, he was a saint. Saint Nicholas to be exact.

Perhaps such insight deserves repeating:

Before Coca-Cola "invented" Santa, for the sake of endorsing their soft drink and draping him in their trademark red and white colors, he was a saint

"The holidays are a great time for marketing thanks to one of the greatest business icons in history: Santa Claus," March Violante writes.

In today's social media age dominated by influencers, marketing has become the greatest tool of capitalism. After all, marketing is so powerful that it can start with a singer, who can't sing a lick, and end with a multi-platinum artist.

If you understand the above, you'll abruptly realize how Barbie became this year's box-office king. Warner Bros. shelled out $150,000,000 for production and marketing, after all.

In short, Santa and his silent partner, Coca-Cola, merely remind us of this: nowadays nothing is safe from commodification ("treating something as a mere commodity for sale.")

The Takeaway

It's long been said adults are nothing but children with responsibilities...

...Such children, saddled with responsibilities and thereby pegged "adults," still can't help but cave in to peer pressure. Yesterday's school lockers are today's office cubicles.

"Peer pressure" is the pressure we put on ourselves to fit in. And such pressure to be like everyone else, unfortunately, has landed millions in debt going into Happy New Year.

In short, because you get what you pay for, perhaps 1/3rd of the country falling into debt is the price charged for "the most wonderful time of the year."