With the holiday shopping season here, consumers will be spending their hard-earned dollars at record levels.
According to the National Retail Federation’s annual consumer spending survey, consumers plan to spend an average of $967 during the holiday shopping season, which includes gifts, food, flowers, decorations and greeting cards. This year’s planned spending is up 3.4 percent from 2016 and is projected to top the record total spending in 2015, which was $952.58.
Consumers said they will spend $608 on gifts for others and $218 for items such as food, decorations, flowers and greeting cards this year.
While spending is up, so is credit-card debt.