How Much Will You Spend on Christmas This Year?
The average American is expected to spend $920 on holiday gifts this year. That's up from $885 last year. Investopedia says this will bring Christmas spending up to $1 trillion.
Are you spending more or less than that? We want to know how much local residents plan to spend.
Between gifts, holiday parties, and decorations, Christmas in America seems to be getting more and more extravagant. Below is a look at the average cost of an American Christmas and a glance at why the cost of the holidays is steadily rising.
But the National Retail Federation estimates consumers will spend just over $1,000 this year, up from 4.1 percent from the $967.13 from 2018.
“The holidays are just around the corner and consumers are ready to shop,” NRF President and CEO Matthew Shay said. “Confidence is near an all-time high, unemployment is the lowest we’ve seen in decades and take-home wages are up. All of that is reflected in consumers’ buying plans. Retailers expect strong demand this year, and are prepared with a wide array of merchandise while offering strong deals and promotions during the busiest and most competitive shopping season of the year.”
What are we buying? The report says we spend $637.67 on gifts, $215.04 on non-gift holiday items such as food, decorations, flowers and greeting cards, and $154.53 on other non-gift purchases because we find a good deal on something we want personally.