Consumers expected to spend $1 trillion this holiday season

Consumers expected to spend $1 trillion this holiday season
(Source: Pixabay)

MEMPHIS, TN (WMC) - With consumers expected to spend as much as $1.1 trillion this holiday season, despite near-record credit card debt levels, the personal-finance website WalletHub today released its Holiday Shopping Survey to help holiday shoppers save money and avoid a financial hangover in the new year.

Among the findings, 6 in 10 survey respondents said they are better off financially now than they were last year. In 2017, 5 in 10 people said they were better off than the previous year.

Here are the spending plans of Americans this year:

15% plan to spend more than $1,001

20% plan to spend $501-$1,000

33% plan to spend $251-$500

13% plan to spend $101-$250

19% plan to spend $100 or less

And when it comes to paying off holiday debt, 60% say they will pay in full by their credit due date; 18% will pay in full by New Year’s Day; and 22% will still have a holiday balance after January.

To read the full survey, and see the most-frequently planned holiday gifts, click here: https://wallethub.com/credit-cards#survey

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