A new CreditCards.com survey reports 53% of consumers will shell out $50 or more for their most-expensive gift this year.
Credit Card dot com's Matt Schulz says even though the economy is doing well and unemployment is low...
“People aren’t getting raises and American’s wages aren’t increasing that much. And, regardless of whether you’re making $100,000 a year, or $20,000 a year, the fact that you don’t expect to get a raise in the next year, may end up to you being a little more frugal this holiday season,” said Schulz.
There’s some who will be spending even less than $50. The survey reports 35% will spend less than $50 on their priciest present. 12% aren’t buying gifts at all.
But, hopefully, Santa will be looking out for Dad.
“Mom is splurging on the kids this holiday season and Dad is splurging on Mom,” said Schulz.