Here’s how much folks in these SC cities can spend on the holidays before going bust, report says
Have you planned out your holiday shopping yet?
According to the National Retail Federation, holiday shopping in 2024 is expected to grow between 2.5% and 3.5% over last year. That amounts to between $978.5 billion and $989 billion in total holiday spending in November and December of 2024.
For individual consumers, that spending equates to up to $902 per person on average for gifts, food, decorations and other seasonal items, the NRF states.
“The economy remains fundamentally healthy and continues to maintain its momentum heading into the final months of the year,” NRF President and CEO Matthew Shay said in a press release.
But just because Americans want to spend a lot during the holidays, doesn’t mean they all should.
For instance, credit card debt continues to rise. The average household credit card debt totaled $9,706 in the third quarter of 2024, a 5.1% jump from the same quarter last year, WalletHub data shows.
To help consumers avoid regret from overspending, WalletHub, a major personal finance website, recently calculated the maximum holiday budget for people living in more than 550 U.S. cities. The site used multiple metrics, including income, age and the ratio of savings to monthly expenses.
“Depending on the city, an American’s holiday budget this year can range anywhere from just over $200 to more than $4,000, taking into account residents’ income, their existing debt obligations and the cost of living,” said Chip Lupo, WalletHub analyst. “Regardless of how well-off you are this season, it’s important to stick to a budget that fits your financial profile so you don’t rack up unsustainable debt.”
Of the cities examined, five were in South Carolina.
SC holiday spending
Below are the maximum holiday budgets for average residents in five South Carolina cities, according to WalletHub. To see spending recommendations in all 550 U.S. cities, click here.
- Columbia: $690
- Charleston: $1,849
- North Charleston: $1,221
- Mount Pleasant: $1,927
- Rock Hill: $860
Tips to holiday overspending
Michael Moody, an instructor in the department of retailing in the college of hospitality, retail and sport management at the University of South Carolina, suggests the to avoid overspending, consumers should make a list of gifts they need to buy and how much they can reasonably afford to spend on each item.
“Do not be misled by discounts and sales that may cause you to spend more than you should and buy things you don’t need,” Moody said. “Avoid impulse shopping and emotional online purchases that are not on your list.”
Moody also suggested consumers track their spending as they make purchases to further avoid overspending.
“Paying with cash rather than credit cards makes spending more real, and you are less likely to overspend,” he said.
Consumer holiday shopping destinations
Here’s where consumers are likely to spend most of their money this holiday, according to a NRF survey.
- Online: 57%
- Dept. store: 46%
- Grocery story: 46%
- Discount store: 45%
- Clothing store: 31%
- Small business: 23%
- Electronics store: 19%
Consumer wish list
Here’s what consumers say they most want for the holidays this year, a NRF survey shows.
- Gift cards: 53%
- Clothing and accessories: 49%
- Books and other media: 28%
- Personal care or beauty items: 25%
