COVID has hurt a lot of things, but it appears that it isn’t making a dent in the Holiday spirit. Or at least our Holiday spending habits. Because according to a new study, in a year where everyone’s been on a budget, it appears they’re letting loose over the next few months.
American Express has found the average person will be spending about $765 in total this year during the festive season. This means people are dropping about $55 more than they did in 2019. The majority of it will be spent on gifts, with an estimated $370 set to be heading out of everyone’s bank account.
But you should also be expecting your neighbors to be flashing some new decorations this year as well. It’s expected that the average person will be spending $100 on new decorations in 2020. That’s a lot of lights. The only place people seem to actually be getting leaner in their holiday budget is with food, but it’s not by much. In fact, it’s just down $2 from last year. So just like one less piece of holiday ham?