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COVID-19 has affected many people’s finances this year, and with the holidays coming up, going over the top with gifts may not be the best idea.
Still, 54% of merchants surveyed by the National Retail Federation remain optimistic, expecting holiday sales to increase significantly. In light of the group's recent survey, personal finance website WalletHub released its 2020 Holiday Budgets by City report, using key metrics like age, income, and savings-to-monthly expenses ratio to determine the average holiday budgets of 570 U.S. cities.
Fort Worth’s average budget in 2020 — $718. It's a little higher than Dallas' budget ($596) but lower than Arlington's ($1,054).
Besides the pandemic, shoppers are also struggling with credit card debt. According to WalletHub’s data, the average U.S. household credit card debt is $7,938.
Here's WalletHub's average consumer profile of Fort Worth:
- Monthly Income: $5,446
- Monthly Expenses: $4,084
- Savings: $5,494
- Age: 32.8
- Debt-to-Income: 38.5%
- Monthly Income-to-Monthly Expenses Ratio: 1.33
- Savings-to-Monthly Expenses Ratio: 1.35
Read more about the study here.
