July 31, 2023
The proposed price limit for the Secret Santa gift exchange is set at ten times the cost of a Big Mac.
This unique approach was inspired by a family member's suggestion, aiming to establish a fair price cap across relatives living in Canada, Australia, and New Zealand. The method employs the Big Mac Index, a creative way to adjust for economic disparities, ensuring equity in gift spending.
For instance, the gift spending cap for Canadian participants is calculated to be 2.25 times higher than that in South Africa ($5.25 vs $2.34), reflecting significant differences in economic conditions.
This discrepancy is further illustrated by comparing annual median salaries, where Canada's median is approximately 4.13 times that of South Africa (R1.481 million vs R358.8 thousand), according to Salary Explorer. This method highlights the fascinating interplay of currency value and purchasing power across different countries, ensuring a balanced and thoughtful approach to gift-giving within the family.