WalletHub report finds shoppers should be spending less this holiday

The National Retail Federation is expecting a four-percent increase in holiday shopping this year from last year.

Even though holiday shoppers should be spending less money, they're expected to spend four percent more than they did last year, according to a WalletHub report.

Average Consumer Profile of Houston:

• Monthly Income: $4,267
• Monthly Expenses: $3,407
• Savings: $4,546
• Age: 33.1
• Debt-to-Income: 39.7%
• Monthly Income-to-Monthly Expenses Ratio: 1.25
• Savings-to-Monthly Expenses Ratio: 1.33

Houston’s Average Holiday Budget for 2019: $571

WalletHub's Jill Gonzalez said to understand this holiday season, we have to look at 2018's shoppers.

"35 million Americans still have credit card debt from last year's holiday spending, so a lot of people are planning on spending less than they were last year," said Gonzalez.

She said holiday spending should be based on a person's monthly income, monthly expenses and savings.

"So, in Houston, the average person should be spending around $570," said Gonzalez.

She said we need to reign it in.