I can't believe it is already time to start holiday shopping again, but alas, December is knocking on the door! And according to The National Retail Federation, the average holiday spending is expected to increase 4.1 percent this year and reach $1,007.24.
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.
According to a report by Wallethub, the average holiday spending budget in D.C. is $767!
Here are the numbers for the average consumer in D.C.
- Monthly Income: $6,864
- Monthly Expenses: $5,111
- Savings: $6,329
- Age: 34
- Debt-to-Income: 38.9%
- Monthly Income-to-Monthly Expenses Ratio: 1.34
- Savings-to-Monthly Expenses Ratio: 1.24
I guess I should start saving for 2019 gifts.... now! For the full report visit Wallethub's website online.