If there is one thing everybody knows about December is that we all tend to spend way more money than usual. Between holiday parties, gift giving, and visiting family and friends, the end of the year has a huge impact on everyone’s budget. We thought it would be neat to go through some statistics about holiday spending that stuck out to us. Knowing this information may help you make smarter money choices this holiday season.
- American shoppers are expected to spend an average of $997.79 this year. This is down 5% from last year.
- For 14 years in a row, the majority of people say they would prefer gift cards and gift certificates as presents.
- In 2019, 93.4% of American consumers purchased Christmas gifts.
- Setting a budget for the holidays can really help you save some money. The only catch is that you have to follow it! In 2019, 56.3% of shoppers set a budget and 64% followed their budget.
- 1/3 of people in 2019 went over their Christmas budget. The highest category in excess was gift spending, with the second highest being food costs.
- Some of the reasons people cite for trying to spend less during the holidays are: credit card debt, healthcare costs, reduce waste or pollution, fears of an impending recession, and not wanting to purchase from companies who do not share their ethics.
- 21.5% of consumers surveyed in 2019 were left with debt post-holidays. This does not sound like a fun way to start the year. One way to avoid this is by saving throughout the year for the season by using PennyProfit to save your spare change.
- More than 60% of US consumers prefer to buy their gifts online. It will be interesting to see if this number goes even higher this year!
- If you are planning on going out to shop and want to avoid crowds, shop early. More than 60% of Americans buy their gifts a week before Christmas.
- Holiday retail sales have been over $1 trillion annually since 2018.
Were there any statistics that really surprised you? How do you track your spending at Christmas time? Are you worried about Christmas debt? Let us know your thoughts in the comments down below!