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Holiday shoppers plan to spend more while taking on debt this season (www.cnbc.com)

submitted 1 month ago by return2ozma@lemmy.world to c/economics@lemmy.ml

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[–] return2ozma@lemmy.world 2 points 1 month ago

This year, holiday spending between Nov. 1 and Dec. 31 is expected to increase to a record total of $979.5 billion to $989 billion, according to the National Retail Federation.

Even as credit card debt tops $1.14 trillion, holiday shoppers expect to spend, on average, $1,778, up 8% compared to last year, Deloitte’s holiday retail survey found.

Meanwhile, 28% of holiday shoppers still have not paid off the gifts they purchased for their loved ones last year, according to another holiday spending report by NerdWallet.