Georgians are cutting back this holiday season and don’t plan to spend more than they did last year, according to a survey by a financial services company.
Of Georgians surveyed, 40 percent of Georgians plan to spend $500 or less and only 14 percent plan to spend in excess of $1,000 this holiday season.
According to the survey by the COUNTRY Financial Group, 41 percent of Georgians surveyed plan to spend the same amount as last year, while 27 percent plan to spend less. Of those who are planning to spend less than last year, the main reason cited was other expenses which were taking priority. 10 percent of Georgians don’t plan to spend any money at all on holiday gifts, entertainment, decorations, charitable donations or travel.
One in five Georgians are have been planning ahead and saved for Christmas throughout the year.
“We all want to enjoy the holidays and buy special treats for our family and friends,” said Chris Seabrook, Financial Representative (Atlanta), COUNTRY Financial. “But, we should keep our budget in mind and not make buying decisions we will regret in January. Take simple steps such as working additional hours, selling items and make a realistic holiday budget for all of those holiday expenses such as gifts, travel, decorations and entertaining. Then, start fresh in the new year with a savings plan to alleviate some of the financial burden for the 2019 holiday season.”
Additional details of the survey show that 69 percent of those surveyed have a specific budget, while 9 percent don’t have a set budget in mind.
Budgeting and spending also vary by income and age. Older shoppers are more likely they will spend more for the holidays. Those age 65 and older say they plan to spend the most, averaging about $930, while the youngest Georgians, age 18 to 34 plan to spend about $409 during the holidays.
Those with incomes of $50,000-to 100,000 plan to spend an average of $703 and those with an income of $175,000 or more plan to spend an average of $2,146.
As is to be expected, even those who plan to spend less this year are planning to spend more on their children. Only 8 percent of Georgians admitted they plan to spend money on themselves.
As far as charitable giving is concerned, regardless of plans for holiday spending, 80 percent of Georgians are planning to give to to charity this year.
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