Holiday spending is up, but don’t let it ruin your relationship

The average U.S. consumer is expected to spend $967 this holiday season, 3.4 percent more than they did last year and more than any previous year, according to an annual report by the National Retail Federation.

But don’t let that spending drive a wedge between you and your significant other.

CBS news reports that “marriages can be seriously rocked by holiday spending.” Six out of 10 Americans said their holiday spending spurs marital and familial strife, according to the report.

CBS news also reports that 1 in 3 Americans are worried about how they will be able to cover holiday spending.

Not all of that money will be spent on presents, but more than half, or $583, will go towards gifts for family, friends and coworkers. The rest will be divided between food, flowers, greeting cards and other non-gift holiday purchases.

According to a similar study by Wallet Hub, some consumers in America's biggest spending cities will spend considerably more. Wallet Hub calculated the average spending practices in 570 U.S. cities. In the top five cities — Naperville, Illinois; Sugar Land, Texas; Bellevue, Washington; Sunnyvale, California; and Carmel, Indiana — the average personal holiday spending is estimated to top $2,300.

From Thanksgiving Day through Cyber Monday, more than 174 million Americans shopped in stores and online. Average spending per person over the five-day period was $335, with $251 — or 75 percent — specifically going toward gifts. The biggest spenders were older Millennials (25-34 years old) at $420, according to the National Retail Federation.

This story was originally published November 26, 2017 at 11:47 AM with the headline "Holiday spending is up, but don’t let it ruin your relationship."