WASHINGTON — The holidays will be here before you know it and spending is expected to reach new levels.
Big shopping days like Black Friday and Cyber Monday are on the way and the National Retail Federation is expecting spending will be a record high this year.
According to the retail organization, consumer holiday spending is expected to hit $902 per person on average for gifts, food, décor and other seasonal items.
The increase in spending is expected to not only be more expensive than last year, but a surge pas the record set in 2019.
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NRF said the increase in spending is mostly from gifts for family, friends and co-workers, with most shoppers planning to spend close to $650 on gifts this season.
This comes as another survey shows many Americans are still paying off last year’s holiday purchases.
A survey from NerdWallet says about 30% of Americans who used credit cards to buy gifts last year still haven’t finished paying off the balances.
With the average credit card interest rate at a little more than 22%, those balances could cost shoppers a few extra hundred dollars in interest per year.
Ahead of the holidays, financial experts recommend finding ways to pay off last year’s debt and keep to a strict budget for gifts this year.
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