'Contentment is natural wealth, luxury is artificial poverty.' (Socrates). We learned in the last Money Matters that there was a 'Buy Nothing Day' campaign in Canada on November 28. What should follow that day? Perhaps a 'Buy Nothing Christmas'? Since many Hong Kong people do not follow the western tradition of buying Christmas gifts, why should we promote such a campaign here? A survey of consumption patterns in Hong Kong, conducted in July, found that 86 per cent of the 1,033 respondents admitted to often buying things they never used. Some 29.2 per cent admitted to buying for the sake of it because it made them more content. Some 7.5 per cent were compulsive shoppers, who buy things with no consideration for their utility value. Females over 15 and students are the most likely to buy on impulse. There are more than one billion people in the developing countries struggling for food and clothing. In contrast, Hongkongers disposed of 3,000 tonnes of food and 6,400 tonnes of clothing last year. Maybe we should try and reduce all this unnecessary spending - for the sake of the planet. If you want to give Christmas gifts to your loved ones, consider becoming a more green-minded consumer by avoiding cheap, disposable products that lack lasting value, as well as gifts with unnecessary packaging. To be an environmentally conscious consumer, how about considering gifts that are powered by solar energy or rechargeable batteries, second-hand items, books and stationery made from recycled paper? Or make your holidays special by creating gifts, such as self-designed e-cards, hand knitted sweaters, CDs of festival songs, a plant, homemade cookies or hand-dipped chocolates. It may also be a good idea to pool your money with a few others to buy someone a single, good-quality present, rather lots of cheap ones. When gift shopping, try and go for recycled items. It is about time we revised the meaning of Christmas giving. A 'Buy Nothing Christmas' can be a welcome stress-reliever, while at the same time helping conserve natural resources and save the planet. It would make a good start to a new lifestyle. Dr Sze is the president of the Society of Registered Financial Planners. If you have a money-related question, send it to yp@scmp.com with Money Matters as the subject
