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42.6% of respondents plan to shop for gifts on big sale days

According to a Creditful research, one in three Americans plan to spend more on gifts this holiday season as against 2018. While the average spending of respondents is expected to be $1,193 overall, gifts will see the highest share of about $536.

On average, parents plan on spending $230 more on gifts than non-parents, whereas Gen X will spend about $622 on holiday gifts mostly for their children and grandchildren. Travel expenses come second at $350 across respondents, followed by food, drinks and decoration expenditure.

53.2% of respondents agree on creating a special budget for the holiday season, while 42.6% plan on gift shopping during Black Friday or Cyber Monday. About one-third of respondents will make holiday purchases using cash or debit to avoid debts.

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