How much will Ohio spend this holiday season? See how your budget compares to others in US
The holidays are already here if you believe the local retailers and radio stations, and that means it’s time to start spending that money. A new study by WalletHub analyzed holiday budgets across 558 cities and several Ohio cities made their way onto the list.
How much are Georgia residents spending during the holiday season?
On average, Ohioans spend about $921 which is just a tad lower than the national average of $1,778. Other cities, however, vary significantly across the state.
#401: Akron — $997
#282: Columbus — $1,224
#497: Cleveland — $791
#261: Parma — $1,277
#554: Canton — $535
The factors that determine holiday budgets
The report highlights the varying ways spending can occur across different parts of the country based on a few important factors:
Income levels
Age demographics
Debt-to-income ratio
Monthly income-to-expenses ratio
Savings-to-monthly expenses ratio
Which cities spend the most and the least on holiday shopping?
#1: Newton, Massachusetts — The folks in Newton really, really get into the holiday spirit, spending an average of $4,206 every year. This figure may seem high, but it’s not surprising given that the median annual household income is over $185,000.
#558: Lauderhill, Florida — This city falls last on the list, spending only $217 per year. There is a significant earning gap here, with approximately 13,000 people falling below the poverty line.
How are shoppers spending their money?
Some experts say holiday spending has been rising in recent years, and as Christmas appears earlier and earlier every year, it leaves more time to buy more stuff.
So, what exactly are people buying and what percentage of their budget is it?
Gift cards and certificates — 16%
Apparel — 11%
Experiences — 41%
Health/beauty products — 3%
Toys — 8%
Electronics — 15%
Food decorations — 7%
Of course, these numbers reflect a fairly diverse range of habits and interests and can’t account for every tradition or holiday ritual.
How will you spend your holiday budget this season?
