The Cost Of: How much will we spend on holiday gifts?
It is hard to keep the cost of gifts under control, but also hard to fight the special feeling that comes with gifting the perfect present.
Checking off your holiday list is no easy task. The more people we have to buy for, the more money we spend and while it is great to give, it is hard to receive that bill.
"$771 is the average amount that we will be spending as an individual adult on gifts. That's up from about $720 from last year," said Marshal Cohen, Chief Retail Analyst with Circana.
According to Cohen, age amplifies that number. He says millennials will add to that number and spend, on average, $880.
"The difference between those with kids and those without is one thousand dollars versus $650 if you don't have kids," Cohen said.
If you cannot exchange those gifts in person, be prepared to pay to ship them.
"Thirty-five dollars on average is what it costs to send a few gifts in a box," said Cohen. "It is a very expensive proposition.
In order to avoid that extra cost, Cohen says some wait to do their shopping until they arrive at their celebration destination and others concentrate their purchases on sites that offer free shipping.
Still, Cohen says 81% of people will spend more than what they budget and this year, consumers are treating themselves in the process. He says self-gifting is making a return, adding to your spending total.
It is hard to keep the cost of gifts under control, but also hard to fight the special feeling that comes with gifting the perfect present.
