Houston's most populous city is getting ready to seriously shell out this holiday season, with Houstonians expected to spend major dough for festive cheer. According to a survey from Deloitte, holiday hounds in H-Town are geared up to drop an average of $2,013 on gifts, propelling past last year's $1,577 average in a 28% leap, as reported by Axios.
But as spending skies upwards, the actual count of presents under the Christmas tree is set to see a slim-down, as reported by Axios. Where once twelve days of Christmas might have meant a bounty of boxes, consumers this year are planning to buy only eight gifts. This decrease echoes the downward trend that started in 2021, with the average at a hearty 17 gifts and last year plummeting to just nine.
This hefty spending figure doesn't quite align with the financial advice from Nerdwallet, warning residents to keep a tighter grip on their wallets. Per the financial site's recommendation, noted by the Houston Chronicle, Houstonians should limit their holiday expenditures to $1,296 to avoid economic strain. The sitch paints a stark contrast with wealthier areas like Woodlands and Sugar Land, where the numbers can inflate to over $3,200 without ringing alarm bells.
More than half of Americans got tangled up in credit card debt from holiday shopping last year, and a staggering one-third have yet to break free, according to NerdWallet data cited by the Houston Chronicle.
With wallets feeling the squeeze, gift cards are on the rise as the go-to gift, with average spending on these cash alternatives clocking in at $241, up from $196 just the year before. Meanwhile, Houstonians with a discerning eye are queuing up digital carts, laying in wait for the sweet siren call of deals to swoop in and save the day.
