Typical Holiday Shopper Spends $3.1K In This Howard County Town

HOWARD COUNTY, MD — Ellicott City ranks ninth in the nation for holiday spending, according to WalletHub's 2022 Holiday Budgets by City report. Residents of this Howard County community spend an average of $3,122 on the holidays.

Last year's holiday spending increased 14.1 percent to a record $886.7 billion. However, holiday shopping may be more stressful this year due to high inflation putting a strain on many people’s finances, the report noted.

In order to determine the cities with the biggest holiday budgets, WalletHub compared 558 cities across five key metrics: 1) income, 2) age, 3) debt-to-income ratio, 4) monthly income-to monthly expenses ratio and 5) savings-to-monthly expenses ratio.

Newton, Massachusetts, has the lowest expenses-to-income ratio, 58.25 percent, which is 1.7 times lower than in Hartford, Connecticut, the city with the highest at 99.16 percent. Sioux Falls, South Dakota, has the highest savings-to-monthly expenses ratio, 646.80 percent, which is 3.5 times higher than in Hartford city, Connecticut, the city with the lowest at 185.24 percent.

To view the full report visit: https://wallethub.com/edu/holiday-budgets-by-city/16912.