Overall spending for the 2017 holidays will be up by 3 percent from 2016 according to the National Retail Federation’s annual consumer survey.
And although spending is up, the same survey says people plan on spending “slightly more than $478 on gifts for family,” which is down from $486 last year.
A survey by Magnify Money found this percentage of shoppers in 2016 went into debt unexpectedly, and didn’t budget for the extra expenses.
That same survey “found consumers who took on debt” would “kick off the New Year with an average of $1,003 worth of new debt – and the most common form of debt is credit card debt.
Meet the Author
Article last modified on July 2, 2018. Published by Debt.com, LLC . Mobile users may also access the AMP Version: By the Numbers: Holiday Spending - AMP.