While some consumers may not necessarily be ready for the holiday shopping season, stores are chomping at the bit to get your holiday dollars, and it seems they’ll be getting more of them this year.
A new report reveals that holiday spending is expected to increase 5% this year, with the average person expected to spend about $1,250 each. Of that money, $693 will be spent on gifts, $361 on travel and $196 on entertainment.
As for who will benefit from all that spending, the survey finds that more than half of people will be using their money to buy gifts for family, while 28% will spend on themselves, and less than 10% will be buying gifts for friends. The survey also finds that men are likely to shell out more money this holiday season, with guys expected to spend over $1,400, while women are likely to only spend about $1,100.
Of course, not everyone will be dipping into their wallets more this year. Overall, 10% of consumers say they plan to spend less, with three types of folks likely to fall into that category, those living in rural communities, who are budgeting about $964 for the holidays, those making less than $25,000 a year, and unemployed consumers.
Source: CBS News