Memphis ranks average in holiday spending
MEMPHIS, TN (WMC) - With the average holiday spending in 2017 expected to reach more than $967, an increase of 3.4 percent since 2016 and more than 20 percent over the past two years, the personal-finance website WalletHub released its 2017 Holiday Budgets by City report.
To help consumers avoid post-holiday regret, WalletHub's analysts used several key metrics, such as income, age and savings-to-monthly expenses ratio, to estimate the maximum spending amounts for consumers in each of 570 U.S. cities. Memphis ranked 470th in the list with an average holiday budget of $467.
The following are some highlights from the report:
- Average Consumer Profile of Memphis:
- Monthly Income: $3,236
- Monthly Expenses: $2,865
- Savings: $4,443
- Age: 33.8
- Debt-to-Income: 43.1%
- Monthly Income-to-Monthly Expenses Ratio: 1.13
- Savings-to-Monthly Expenses Ratio: 1.55
For the full report, and to see how the cities rank, click here.
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