It’s no surprise that American holidays typically mean more spending, especially towards the end of the year.
President Trump tweeted in all caps, “2019 HOLIDAY RETAIL SALES WERE UP 3.4% FROM LAST YEAR, THE BIGGEST NUMBER IN U.S. HISTORY. CONGRATULATIONS AMERICA!” from his Mar-a-Lago estate where he has been spending the holiday with his family.
According to USA Today, the average American spends more than $1,000 around the holidays on gifts and travel expenses. Not only have brick-and-mortar retail sales grown this year, but online shopping has increased between 14 and 18 percent.
Alliant states that growing retail sales are turning into a trend. Last year, the National Retail Federation (NRF) reported that sales grew by 2.1 percent, and this year those numbers have doubled.
Multiple sources state that one of the best ways to cut costs on holiday expenses is to limit your traveling and food expenses. Even knick-knacks like holiday decorations and greeting cards can eat up a few hundred dollars, so it’s important to be mindful of where each dollar goes.
Christmas retail demographics showed that the country’s biggest spenders live in the North and Northeast. The NRF estimates that about $465 billion was spent on Christmas and other holidays this year.