U.S. shoppers are estimated to spend up to $989 billion this holiday season, and a Georgia city is among the country’s biggest spenders, according to WalletHub.
The financial website analyzed more than 550 cities to determine which towns have the highest holiday budgets for 2024.
The rankings were based on five key metrics: income, age, ratio of debt to income, ratio of income to expenses and a ratio of savings to monthly expenses.
After running the numbers through WalletHub’s algorithm, Roswell finished 26th, with an expected holiday budget of $2,871.
“Depending on the city, an American’s holiday budget this year can range anywhere from just over $200 to more than $4,000, taking into account residents’ income, their existing debt obligations and the cost of living,” WalletHub analyst Chip Lupo said in the report. “Regardless of how well-off you are this season, it’s important to stick to a budget that fits your financial profile so you don’t rack up unsustainable debt and end up in a bad position after the holidays. There are plenty of ways to enjoy the holidays and show you care without spending much money, like hosting potlucks or giving handmade gifts.”
Newton, Massachusetts, topped the list with a $4,206 budget — nearly 20 times more than 558th-ranked Lauderhill, Florida ($217). WalletHub’s algorithm boosted a town’s rankings if the residents were more likely to have enough emergency savings to cover at least six months of expenses or a debt-to-income ratio below 44%.
A National Retail Federation survey conducted by Prosper Insights & Analytics revealed that the most popular present this year will likely be gift cards, as over half of consumers surveyed said they were top of the wish list. Clothing and accessories came in second place with 49% of the vote.
On average, the NRF anticipates U.S. shoppers will each drop $902 for holiday gifts, food and decorations, roughly $25 more than last year. Roswell shoppers, however, will be able to reach decidedly deeper in their pockets this year.
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