Americans on average will spend nearly $900 on gifts, decorations, food and more this holiday season. Amid high costs, Ramsey Solutions' personal finance experts share wise money tips.
The average family celebrating the winter holidays this year will spend nearly $900 on gifts, decorations, food and other key seasonal items, according to the National Retail Federation's latest consumer survey, conducted by Prosper Insights & Analytics. The $875 in projected holiday spending is $42 more than consumers planned to spend in 2022 — and it's in line with the average holiday budget over the last five years, the organization said in an Oct. 19 press release.
This year, seven in 10 holiday shoppers say they are considering taking advantage of October sales events to pick up holiday gifts, décor and other items on their list," the group also said. In a further breakdown, the NRF estimated that holiday shoppers will spend $620 on gifts and $255 on seasonal items including decorations, candy and food.
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