If you plan on spending more during the holiday season this year, you’re in good company. But don’t blame it all on gift giving.
According to a new survey by Deloitte, Americans plan to spend $487 on gifts for others this year (up 6% from last year), but that only accounts for about one-third (33%) of what we plan to spend total.
Overall, the corporate consults say Americans plan to shell out $1,462 during the 2015 holidays – up 13% from last year.
So where’s the rest of that cash going?
The biggest ticket item, next to gifts for others, is attending holiday events away from home, which accounts for 24% of that budget, or $348.
Entertaining at home is the next biggest expense — $212 at 15% of the budget.
Purchasing clothing that is not a gift accounts for 12% of the budget at $182, while holiday home furnishings account for 9% at $124. And 8% of the budget goes into the “other” category ($110), which is any other holiday-related spending.
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