Every income, household and budget is different, especially when it comes to the holidays. Some people spend very little on holiday gifts, while others go all out. If you are struggling to come up with a number on what you should spend on the special people in your life, refer to the averages! Numerous studies have been done to determine what people average on spending for holiday gifts. The CGS Team is sharing how much people spend on holiday gifts, on average, so you can use as starting point for your holiday gift budget.
Holiday Gift Spending Altogether
According to Statista, U.S. consumers are expected to spend an average of $752 on holiday gifts this year. In a poll conducted by Gallup in 2015, the average shopper intended to spend about $830 on gifts. Of those surveyed, 30% were planning to spend over $1,000. On the other end of the spectrum, 17% only planned on spending up to $249.
Tip: According to the overall holiday gift budget averages, the amount you spend can range from $249-$1000. We suggest you review your budget and come up with a reasonable number for all of the people in your life. The last thing you would want is to go into debt, just for gifts. Review your numbers and stick to the limit you give yourself for holiday gift spending.
Holiday Gift Spending on Family
According to the National Retail Federation’s Holiday Consumer Spending Survey, on average, people spend about $462 on gifts for family members. This number can vary depending on the size of one’s family. Recent studies show that young adults (specifically Gen Z and Millennials) are planning on spending more money this holiday season.
Per the National Retail Federation’s Insights and Analytics, “The survey found 54 percent of consumers overall plan to spend about the same as last year, with 24 percent planning to spend more. But among those ages 18-24 — which includes the oldest members of Generation Z — 46 percent say they will spend more than last year. The next-closest group was those aged 25-34 years old, with 39 percent planning to spend more.”
Holiday Gift Spending on Your Significant Other
Not sure a “safe” number to spend on your significant other this holiday season? You’re not alone! In fact, Huffington Post partnered with Discover for the 2014 holiday season to gauge what people planned on spending on Christmas gifts for their partners. Here’s what the survey showed:
Holiday Gift Spending on Yourself
The National Retail Federation surveys show that about 56% of people will shop for themselves during the holidays, and spend an average of $130 in the process. And, most of this shopping will take place on Black Friday this year. Of those 115 million people or so shopping on Black Friday, “66 percent said they’re doing so to take advantage of deals and promotions retailers will offer, while 26 percent cited the tradition of shopping over Thanksgiving weekend and 23 percent said it’s something to do over the holiday weekend.”
Tip: Black Friday can be a great day to get the things you need (for yourself, your home, or your business), but be smart about it. Check out the article 6 Ways to Maximize Your Black Friday Shopping to get what you need and have the best shopping experience.
Remember, the numbers above are simply averages of what people have spent in the past, and what they may spend this holiday season. Only you know what’s appropriate to spend for your specific situation. Review your budget before shopping, and make sure you aren’t doing your finances a disservice just to keep up with the joneses.
Do you have any tips for holiday shopping? How do you plan out what you will spend? Share what you do when the holiday shopping season comes around by leaving a comment below!