Aside from bringing good cheer, the holidays also can invite seasonal stress, a primary source of which is our addiction to spending. Last year, holiday sales grew 14.1% from the previous year and reached a record $886.7 billion. This year, though, holiday shopping may be more stressful than usual due to high inflation putting a strain on many people’s finances.
On top of inflation, holiday shoppers also face difficulties from credit card debt. In 2022, the average household credit card debt is $8,942, according to WalletHub’s data. At the beginning of 2022, there was over $1 trillion in total credit card debt, and that amount is continuing to grow.
To help consumers avoid post-holiday regret, WalletHub used several key metrics, such as income, age and savings-to-monthly expenses ratio, to estimate the maximum spending amounts for consumers in over 550 U.S. cities.
Holiday spending is driven largely by the current economic climate, among other factors. The following are some highlights from the report:
- Average Consumer Profile of New York:
- Monthly Income: $5,666
- Monthly Expenses: $4,532
- Savings: $15,197
- Age: 38.1
- Monthly Income-to-Monthly Expenses Ratio: 1.25
- Savings-to-Monthly Expenses Ratio: 3.35
New York’s Average Holiday Budget for 2022: $931
For the full report, please visit wallethub.com.
