NG LifeMag EMAG December 2023 - Flipbook - Page 25
Economic Impacts
Stimulating Economic Growth
The festive season is a significant time for
the economy, with increased spending on
gifts and charitable donations. This surge in
spending can have a positive impact on
local and national 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 gifts for
immediate family, $246 for extended family,
$149 for friends and $266 for themselves —
or a staggering $1088 in total.
The economic benefits of giving, especially
in the form of charitable donations, can be
substantial. Such contributions support
essential services and organisations,
stimulate economic activity, and can lead to
community development and growth. During
times of economic hardship, the act of giving
can provide a crucial safety net for the most
vulnerable segments of society.
Supporting Nonprofits and Causes
Donations, whether monetary or in-kind,
provide vital support to nonprofit
organisations. These organisations often
rely on the generosity of donors to carry out
their work, which can range from providing
disaster relief to supporting educational
initiatives. The ripple effect of such support
can be far-reaching, benefiting entire
communities and societies.
As we recognise and celebrate the
transformative power of giving, it is clear
that this selfless act is not just a benefit
to the recipient but a boon to the giver
and society as a whole. In cultivating a
culture of generosity, we pave the way
for a more compassionate, healthy, and
cohesive world.