The Average American’s Holiday Spending will Drop. What About Yours?
What is the Average Holiday Spend?
According to the National Retail Federation, the average American was expected to spend an average of $682 this year on Holiday gifts versus $705 last year (a 3% decline year-over-year).
Interestingly enough, those surveyed in the 18-34 age group are going against the trend and said that they would spend an average of $657 this year vs. $552 last year (a 19% increase). Surprising, especially considering the incredibly tough job market for new grads.
You’re going to think we’re scrooges, but in-line with my declaration against Holiday consumerism, my wife and I are spending an average of about $100 this holiday, including $0 on each other. We’re providing experience related gifts to my parents, her parents, and traditional gifts to our grandparents. We have asked for nothing in return.
How much have you spent (or if you’re a latecomer, ‘will spend’) on gifts this Holiday season?
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I have spent around $450, for 6 people. However, some of the gifts I bought will be split between my boyfriend and I, so my total spending will really be around 250-300 (depending on how many gifts he plans to “share” with me). I did not spend more than $100 per person on everyone. The one exception I made to this rule was my boyfriend’s gift. I did not include him in the $450 spent. He specifically requested something expensive (and he got me something expensive as well), so combined I will have spend $550-600 this year.
My spending stayed the same. I usually stick to a family gift swap so it limits what I spend and always get something else for my immediate family.
i’m with you on this one. i have a job and am in a decent financial position, yet I’m spending way less this Xmas than the national average. My family is spending between $100-200 on gifts.
Somehow we always spend a bigger amount each year. The family is growing and presents are definitely becoming more expensive. My wife and I still make a conscious decision to watch our spending.
Here are two of our tips:
-Limit your spending for each individual eg $20.00 each
-Start you Christmas shopping now for next Year, there are always specials and markdown items that will save you heaps.
I spent over $150 on Christmas gifts, mostly for the significant other. My family did a $10 gift exchange, since there’s so many of us in the immediate. I know my dad went for broke this year… iPod touches for my two younger siblings, and that’s just what I saw at the family gathering. Ouch!
$272 on my parents and my goddaughter.
I spent around $600 which was more than I wanted to. I kept thinking I was done and then another friend would say “Oh I found a great gift for you!”, or I’d find out that another of my boyfriend’s family members had gotten me something. Of course it’s sweet and I can’t complain about receiving gifts, but it was stressful going over my budget. Do any of you have suggestions on how to nicely remove people from your gift list? Next year I’d like to keep my shopping under $400.
I definately spent more than I had intended this year, however the holidays come once a year and I feel like it is always worth it. I have just cut back on other expenses that I have realized are not necessary!
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