Ho ho how much did you spend this holiday?

‘Tis the season to be jolly spending, on travel, entertainment, gifts for others and gifts for yourself (because who can resist those holiday sales)! If you’ve ever wondered how the rest of the country shops for the holidays, we’ve got some interesting data to share.

People are feeling generous
Retailers anticipate this holiday season will be more successful than the last, as unemployment is down and wages are up. Sales are forecasted to reach $720.9 billion for the holidays*, with the average amount spent per consumer rising from $1,226 in 2017 to $1,536 in 2018.**

It’s all about the experience
Most people designate a significant amount of their holiday budget for sharing experiences, with 40% spent on socializing with friends and family and entertaining.



There’s one way to avoid regifting

Although it’s the thought that counts, most people are hoping for a gift card, so they can select their own gift.



Some prefer to shop with convenience, others need inspiration

Not surprisingly, most people prefer the ease and convenience of shopping online (which represents more than half of all purchases). However, shoppers also like to visit retail outlets to get ideas and avoid shipping costs and because they’re concerned about online data breaches.

Keep your identity safe

If you’ve used your credit card a lot this holiday season, be sure to keep an eye on your statements for fraudulent charges. You can also check your credit report through the credit bureaus every 12 months for free to detect signs of potential identity theft.

Luma Wealth wishes you and your family a joyous holiday season and a very happy and healthy new year.


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*Consumers will spend 4.1% more than last year during the holidays. National Retail Foundation, October 24, 2018
**2018 Deloitte holiday retail survey