Besides 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 that 2019 holiday spending will increase by about 4 percent over 2018, with a total of over $727 - $730 billion in retail sales excluding car dealers, gas and restaurants.
Although spending a little extra around the holidays might seem negligible, it’s important to put it in the context of American spending, and credit card debt, as a whole. In 2019, the average household credit card debt is $8,602, according to WalletHub’s data. At the beginning of the year, there was over $1 trillion in total credit card debt, and WalletHub projects a $70 billion net increase this year.
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. Read on to get a better sense of your area’s spending range. Below the ranking you’ll find invaluable holiday-spending advice from WalletHub’s panel of financial experts, as well as our full methodology.
Are you in danger of wrecking your Black Friday spending plans? WalletHub will calculate custom holiday budgets for all WalletHub members between now and Dec. 25, so make sure to join our community today. And if you want to get ahead of the shopping crowds, check out our preview of 2019’s Best Black Friday Ad Leaks.
