The National Retail Federation estimates Americans will spend $1,007.24 per person on holiday shopping, up 4.1 percent over 2017.
Personal finance site WalletHub took that estimate and extended it to spending estimates for 570 American cities.
Using key population characteristics, such as income, age and savings to monthly expenses ratios,, coupled with data that identified key characteristics, such as income, age and savings-to-monthly expenses ratio, the researchers calculated how much people will spend on the holidays per person.
Based on the data, Fargoans will spend above the national average, with $1,075 committed to seasonal purchases.
Bismarck residents are a little cheaper. They’re estimated to spend $746 per person this holiday season.
Who will be the big spenders this season? The residents of Flower Mound, Texas. They’re likely to part with $2,761 per person in holiday shopping.
You can read the complete data survey here.
esides bringing good cheer, the holidays also can invite seasonal stress, a primary source of which is our addiction to spending. The National Retail Federation predicts the average per-person tab this holiday season will reach $1,007.24, up 4.1 percent since 2017.
Although a few extra bucks might seem negligible, it’s important to put it in the context of American spending, and credit card debt, as a whole. In 2018, the average household credit card debt is $8,332, according to WalletHub’s data. At the beginning of the year, there was over $1 trillion in total credit card debt, which only dipped slightly lower to around $979 trillion in the second fiscal quarter.
To help consumers avoid post-holiday regret, WalletHub calculated the maximum holiday budget for each of 570 U.S. cities using five key characteristics of the population, such as income, age and savings-to-monthly expenses ratio.