Flourish Health & Wellbeing Magazine - Dec23 - Flipbook - Page 28
Economic Impacts
STIMULATING ECONOMIC GROWTH
The fes琀椀ve season is a signi昀椀cant 琀椀me for
the economy, with increased spending on
gi昀琀s and charitable dona琀椀ons. This surge in
spending can have a posi琀椀ve impact on local
and na琀椀onal economies. A report conducted
by Australian Consumer and Retail Studies at
Monash Business School, indicates that for
2023 Australians plan to spend, on average,
$427 on gi昀琀s for immediate family, $246 for
extended family, $149 for friends and $266 for
themselves — or a staggering $1088 in total.
The economic bene昀椀ts of giving, especially
in the form of charitable dona琀椀ons, can
be substan琀椀al. Such contribu琀椀ons support
essen琀椀al services and organisa琀椀ons, s琀椀mulate
economic ac琀椀vity, and can lead to community
development and growth. During 琀椀mes of
economic hardship, the act of giving can
provide a crucial safety net for the most
vulnerable segments of society.
SUPPORTING NONPROFITS AND CAUSES
Dona琀椀ons, whether monetary or in-kind,
provide vital support to nonpro昀椀t organisa琀椀ons.
These organisa琀椀ons o昀琀en rely on the
generosity of donors to carry out their work,
which can range from providing disaster relief
to suppor琀椀ng educa琀椀onal ini琀椀a琀椀ves. The ripple
e昀昀ect of such support can be far-reaching,
bene昀椀琀椀ng en琀椀re communi琀椀es and socie琀椀es.