Ready or not, the holiday season is quickly getting underway. And while there's much to do and prepare for, a new study says you don't have to worry about spending too, too much (on gifts, at least).
Just 53 percent of Americans plan to spend $50 or more on their most expensive gift this holiday season, according to a CreditCards.com survey of 1,093 Americans. That percentage includes the 27 percent who said they’d spend $100 or more.
On the other hand, just one in eight, or about 12 percent of adults, said they don’t plan to buy any gifts at all!
Matt Schultz with CreditCards.com says the findings aren't limited to low-income households. In fact, 44 percent of households with an income over 80,000 say they'll keep their most expensive gift under $100.
Women also appear to be thriftier, according to the survey. Forty percent of women said they will spend less than $50 on their most expensive gift, versus just 29 percent of men.
The National Retail Federation’s annual consumer survey also found something similar.
While people’s overall spending for the 2017 holidays will be up by 3 percent, from $936 to $967, overall spending on gifts is expected to decline from $621 in 2016 to $608 in 2017.