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Tis the season to overspend or is it?
There is still time to make a holidaybudgetand stick to it, even with rising prices.
The BofA Securities holiday spending forecast predicts that consumers will spend $2,100 on the holidays this year.
However, there are conflicting numbers.
Deloitte predicts the average spend to be lower around $1,778.
The National Retail Federation reported spending to be even lower at $902 on average per consumer.
This puts the range at anywhere between $900 and $2,100 for total holiday spending.
How Much Do Americans Think Theyre Going to Spend?
There is a bit of a disconnect between predictions from retail and banking corporations versus the consumers themselves.
Who is Spending the Most?
When it comes to holiday shopping, spending is not consistent among the generations.
This was the biggest share of a generation to respond this way.
Only 38% planned to spend less.
How Are Purchases Being Made?
Are You Over Budget?
At the end of the day, a budget is dependent on personal finances.
It would just be higher than the national average.
Its also important to note from the research that consumers tend to underestimate how much theyll spend.
This can keep budgets on track so there are no surprises on upcoming bank statements.
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