How Much Do Americans Spend on Christmas?

Even though inflation has shot prices through the roof, that is not going to stop people from spending this holiday season. 

According to the National Retail Federation, holiday retail sales are predicted to be an astounding $960 billion. That price is significantly higher than last year’s total of $889 billion. 

The latest Holiday Retail Study done by Deloitte, predicts that the average American is expected to spend around $1,455 this season. Things like location, age and income can make this amount vary. 

Here are some expenses that could be driving up the cost of Christmas, provided by Yahoo Finance. 

The holiday season is one of the busiest times for air travel. Airports are busy and flights are crowded and with the costs of plane tickets going up and the number of flights going down, holiday airfare is both inconvenient and expensive. 

The most obvious holiday expense is gift-giving. According to NerdWallet and Yahoo Finance, 84% of Americans plan to buy gifts for their loved ones, spending an average of $823. 

We’re all aware of the climbing grocery prices, but that has not put a dent in the food and beverage sales this season. With food being the center of most holiday gatherings, people have had no choice but to accept the higher prices. According to Yahoo Finance, food and beverage sales already reached $79.89 billion by September of this year.