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A report published in late Nov. by the Nationwide Group detailed the affordability of holiday shopping in 2024.
Shoppers with an annual income of at least $100,000 or more apparently feel they can “easily afford” their holiday expenses in 2024, while those earning between $50,000 to $99,000, or below $50,000 are only 33% and 18% confident in their spending, respectively. (TAKE A POLL: Do You Enjoy Traveling During the Holidays?)
The main reason many of us aren’t feeling confident about our bills in 2024 is because of inflation. Though some consumers are willing to go into debt to celebrate the holidays, at least 23% of shoppers are still paying off their bills from Christmas 2023, the report noted.
Holiday Debt Is A Choice
“Going into holiday debt is a choice that can unfortunately impact consumers for years to come, with current credit card average APR rates of 20.50 percent,” the Nationwide Group wrote in their analysis. “This is only down slightly from the record high 20.79 percent in August 2024. For consumers only paying the minimum on their statement each month, that interest will continue to accumulate and further inflate the price of those presents.”
Another study found that 40% of shoppers plan to self-gift this year, while others avoid going into debt by buying for themselves instead of others — or using the very risky buy now, pay later schemes. (TAKE A POLL: Have You Started Your Holiday Shopping Yet?)
“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,” says WalletHub’s Chris Lupo. “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 and end up in a bad position after the holidays. There are plenty of ways to enjoy the holidays and show you care without spending much money, like hosting potlucks or giving handmade gifts.”
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