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Holiday 2022 Data: Ranking US Cities by Their Holiday Budgets
Holiday 2022 Data: Ranking US Cities by Their Holiday Budgets
WalletHub has crunched the numbers and you can check out an interactive map, too.
11.22.22
Last year’s holiday spending increased by 14.1% to a record $886 billion, according to estimates. While all eyes wait to see what transpires at check out this season, personal finance website WalletHub has released its 2022 Holiday Budgets by City report, which profiles the cities with the biggest holiday budgets. In the ranking of large cities, Seattle topped the list (watch the video below).
WalletHub calculated the maximum holiday budget for more than 550 US cities using five key characteristics of the population, such as income, age and savings-to-monthly expenses ratio.
According to WalletHub, Newton, MA has the lowest expenses-to-income ratio at 58.25%, which is 1.7 times lower than in Hartford, CT, the city with the highest at 99.16%. (Below the chart is an interactive map that will show additional cities across the country, provided by WalletHub.)
“The positive is that most of the restrictions due to covid have been eliminated. People are feeling good and looking forward to the holidays. Families and friends are looking forward to celebrating the holidays with each other This should have a positive effect on both holiday travel and spending on gifts. On the negative side prices for energy, rent, groceries, autos, travel, and most items that we purchase are higher. This will moderate the spending, causing consumers to be price conscious looking for sales, and making price comparisons,” said John T. Bowen, PhD, professor emeritus, former dean and Barron Hilton Distinguished Chair, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston.
“I personally think people will spend more money this holiday season even while they may be having economic anxiety. People are still coming out of the covid-19 epidemic and feel the need to return to normal. ‘Normal’ during the holidays is meeting with people and exchanging gifts. Also, the supply chain problems of last year will make people want to make up for what they could not get last year," said Bill Hauser, PhD, applied sociologist and associate professor emeritus, University of Akron.
WalletHub calculated the maximum holiday budget for more than 550 US cities using five key characteristics of the population, such as income, age and savings-to-monthly expenses ratio.
According to WalletHub, Newton, MA has the lowest expenses-to-income ratio at 58.25%, which is 1.7 times lower than in Hartford, CT, the city with the highest at 99.16%. (Below the chart is an interactive map that will show additional cities across the country, provided by WalletHub.)
Cities with the Biggest Holiday Budgets
| 1. Newton, MA ($4,233) |
| 2. Palo Alto, CA ($3,920) |
| 3. Flower Mound, TX ($3,531) |
| 4. Milpitas, CA ($3,480) |
| 5. Bellevue, WA ($3,401) |
| 6. Mountain View, CA ($3,258) |
| 7. Sunnyvale, CA ($3,237) |
| 8. Santa Clara, CA ($3,224) |
| 9. Ellicott City, MD ($3,122) |
| 10. Fishers, IN ($2,969) |
| 11. Naperville, IL ($2,969) |
| 12. Weston, FL ($2,955) |
| 13. Cary, NC ($2,916) |
| 14. Cedar Park, TX ($2,855) |
| 15. Sugar Land, TX ($2,793) |
| 16. Maple Grove, MN ($2,707) |
| 17. Allen, TX ($2,670) |
| 18. Roswell, GA ($2,598) |
| 19. Rockville, MD ($2,574) |
| 20. League City, TX ($2,541) |
Source: WalletHub
“The positive is that most of the restrictions due to covid have been eliminated. People are feeling good and looking forward to the holidays. Families and friends are looking forward to celebrating the holidays with each other This should have a positive effect on both holiday travel and spending on gifts. On the negative side prices for energy, rent, groceries, autos, travel, and most items that we purchase are higher. This will moderate the spending, causing consumers to be price conscious looking for sales, and making price comparisons,” said John T. Bowen, PhD, professor emeritus, former dean and Barron Hilton Distinguished Chair, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston.
“I personally think people will spend more money this holiday season even while they may be having economic anxiety. People are still coming out of the covid-19 epidemic and feel the need to return to normal. ‘Normal’ during the holidays is meeting with people and exchanging gifts. Also, the supply chain problems of last year will make people want to make up for what they could not get last year," said Bill Hauser, PhD, applied sociologist and associate professor emeritus, University of Akron.
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