Low Key Christmas Is Coming.

In December 11th, people dressed up as Santa Claus Parade in the northern city of Portugal, Oporto.

Europe, which is in the shadow of the debt crisis, is facing a different Christmas.

This is an atmosphere of less than the past Christmas, Athens is known as "the most difficult time since World War II" Christmas, Italy is called "the worst after World War II".

No longer gorgeous

One of the low profile Christmas performances in Europe is that the bright streets that were once decorated by Chinese and American lights are gloomy this year.

In Spain's capital, in order to save money, holiday decorations and light bulbs are reduced.

In the Portuguese capital of Lisbon, the budget dropped from 850 thousand euros last year to 150 thousand euros, and the traditional festival lantern display was cancelled.

In Athens, Greece, Christmas and new year expenditure is only 200 thousand euros, which was 1/10 last year.

Another manifestation of the low profile of Christmas is the fact that the shopping malls that have been on the market during this period may be embarrassed now.

Christmas, as a symbol of "economic prosperity and decline", may be more prominent.

In Italy, Christmas became "without Plo Seck (pure wine) and Penedo Ni (fruit cake)", only with brewed wine and "tighter belt".

Even in Germany, where the domestic economy is in good shape, Metro, the largest commercial retail group, was forced to cut its annual expected sales and profits.

An important reason for this is that sales before Christmas are far less than expected.

The government should live within its means.

The reason why European Christmas is so low this year is that first of all, under the debt crisis, faced with the severe economic situation, governments have adopted a policy of "living within their means".

EU economic and Monetary Affairs Commissioner Ryan pointed out that Europe will face almost stagnant economic growth by the end of the year.

In Greece, the shipping industry of its economic lifeline suffers from the shortage of funds and the shortage of logistics. The core industry tourism and service industry also suffer heavy losses.

According to the study, Greece's economic decline this year will exceed expectations, and GDP will drop between 4.5% and 5.3%.

In Spain, after the housing bubble burst, the bad debt rate of the banking system remained high and financing was difficult.

As a result, governments have to cut back on spending in the festival process, thereby supporting their own fiscal tightening policies and reducing their fiscal deficits.

The Christmas budget dropped by 9.4% in Ireland, 7.8% in Portugal and 25% in Greece.

Personal careful calculation

Christmas is so low-key, it is also faced with the predicament of the economy and uncertain prospects, personal careful calculation results.

Facing the government's tax increase policy and fiscal tightening, there is more uncertainty in the future of people in welfare policy countries.

In September this year, the European unemployment rate was 10.2%, the highest in November this year and the highest unemployment rate recorded by the European statistics bureau, which means about 16000000 people were unemployed, according to the European statistics bureau report.

Meanwhile, the European Commission's data show that the euro zone's economic confidence has continued to decline and reached its lowest level in history.

As a result, the cost of buying gifts, Christmas decorations and evening entertainment items for relatives and friends is reduced.

The research released by the British Financial Research Institute predicts that the income of the middle class in the UK will be reduced by 7% in the next two years, which will be the biggest decline since 70s of last century.

Therefore, people will not buy luxury goods or expensive items that they usually buy as before.