Spending During the Holidays

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How much do Americans spend on Christmas each year? The Christmas or holiday season is the most critical sales period of the year. This includes Thanksgiving, Black Friday, and of course, Christmas. Whether it’s holiday gifts, decorations, food or cards, many Americans stretch their budgets to really make it the most wonderful time of the year. However,  this can also lead into a multi-year long credit card bill.

Gift giving often leads to growing shopper debt. On average, shoppers in 2020 $1,381 in holiday related credit card debt. 

“Using my credit card is a good thing because it builds my credit and shows me how to manage my money,” adds senior Autumn Lowery 

Gifts are, of course, the bulk of the holiday shopping numbers. Over the past few years, the number has gone up. Since 2021, COVID 19 has hit hard, causing people to start shopping online. In 2020 the average spending on gifts was $629. Also in 2020 we spent $230 on non-gift items, such as light, decorations, food and travel.

Senior Chance Castle adds, “ I would say I have spent around $700 on this year’s Christmas. I spend my money on my mom, dad, sister and girlfriend, which can get pretty expensive.” 

To help further pay your holiday spending budget, you can put this money into a savings account each month and earn small amounts of interest on it throughout the year. 

The average spending estimation for 2021 is $3.512.

Maybe it’s time for many people to realize that Christmas is not about the gifts and worrying about the debt.  It takes small things to help make our world a happier place.