Subscribe to INT Podcast
|December 3, 2020|
Where are the biggest and smallest holiday spenders?
INLAND EMPIRE – (INT) – Holiday shopping may be more stressful than usual considering the fact that the COVID-19 pandemic has impacted many people’s finances.
WalletHub found Merchants are still optimistic and 54% believe holiday sales will increase “somewhat” or “significantly” compared to 2019, though they expect far more of those sales to be online than usual.
WalletHub examined 574 cities to find shoppers with the biggest and smallest holiday budgets.
Out of 574 cities that were examined, Hemet came in at 564th with an individual budget of $353. San Bernardino was 548th, Hesperia 524th and Apple Valley 521st.
There was no Inland Empire city in the top 100. Highest was Murrieta at 112th with an individual budget of $1,221.
In order to determine the cities with the biggest holiday budgets, WalletHub used 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. Our calculation is based on WalletHub’s proprietary algorithm, which takes into account the aforementioned five factors to determine the holiday budget for a particular city.
Story Date: November 30, 2020