It’s the most wonderful time of the year, but for many Americans it is also the most expensive! We polled our moms and most said they are spending “way too much.” After all, Christmas is more than just gifts – we have trees and homes to decorate, baking to do, parties to attend, cards to send out and stockings to stuff. The list seems neverending!
So, just how much does the average American spend on gifts? According to the American Research Group a lot! They conducted phone interviews with 1,100 random households this past November and found that people are planning on spending an average of $861 on holiday gifts in 2014. The good news is spending is up 8% since last year. Since 2007 there was a pretty steady drop in the amount people were spending. These statistics show we are bouncing back a bit from the recession.
For all holiday spending statistics since 2004, you can visit American Research Group.
Where does your family fit in? How much are you spending this year on gifts?
