WalletHub: Holiday spending to hit $656 billion this year, up 3.6 percent from last year

Posted at 1:08 PM, Nov 14, 2016

Who's guilty of blowing their holiday budget every year? In a report released Monday, personal finance website WalletHub found more than one third of shoppers exceeded their holiday budgets last year.  

According to the data, 2016 holiday spending is expected to increase 3.6 percent to nearly $656 billion.

The number-crunchers at WalletHub looked at five factors: income, age, debt-to-income ratio, monthly income-to-monthly expenses ratio and savings-to-monthly expenses ratio to estimate the maximum spending amounts for consumers in each of 570 U.S. cities, including 13 Arizona cities.

Gilbert came in with the highest average amount in the state with $1,188 while Glendale was towards the bottom of the list at $460.

Click on the map below to see the average amount people in your city should budget for holiday spending.