Memphis ranks average in holiday spending

Updated: Nov. 15, 2017 at 9:15 AM CST
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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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