(ABC4) – The holidays are upon us and many have begun reviewing their budgets for gifts, meals, and more. A new report shows residents in some cities may have higher holiday budgets than others.
According to the personal finance website WalletHub, holiday sales in 2020 grew 8.3%, and experts say there could be even stronger growth this year. While we won’t know how much Americans are spending on the 2021 holidays for a few months, WalletHub has calculated the maximum holiday budget for 570 U.S. cities – including many in Utah – based on five characteristics. That includes income, population, age, and savings-to-monthly expenses ratio.
Overall, WalletHub found Flower Mound, Texas, has the greatest holiday budget at $3,427. Making up the top five cities are three from Texas and two from California. Both is an interactive map of WalletHub’s data.
Miami bottomed out on the list, reporting a holiday budget of just $115.
Overall, 10 Utah cities were evaluated on WalletHub’s list. South Jordan reported the highest holiday budget at $1,674, ranking 59th nationwide. Twenty spots down the list is Sandy at 79th with a budget of $1,503. Here is how all 10 of Utah’s cities ranked:
- South Jordan, 59th: $1,674
- Sandy, 79th: $1,503
- West Jordan, 109th: $1,318
- Layton, 119th: $1,266
- West Valley City, 261st: $917
- Orem, 269th: $902
- Salt Lake City, 317th: $840
- St. George, 351st: $800
- Ogden, 443rd: $703
- Provo, 449th: $700
This comes as consumer inflation surged in October, with the U.S. seeing the fastest increase in 31 years. Over the last year, prices have climbed by 6.2%, according to the consumer price index.
WATCH: Expert reacts to consumer inflation spike
“It’s a combination of supply and demand factors, having trouble getting supplies in from overseas, and then here, people wanting to buy more things,” Phil Dean, a senior economist at the Kem C. Garner Institute tells ABC4. “Economic factors, a number of public policy factors that have kind of brought us to where we are today. It’s not just the out-of-the-blue in October we saw this increase.”