NJ people spend more on holiday gifts than most Americans — survey
Have you decided how much you’re going to spend on Hanukkah, Christmas and Kwanzaa gifts this year?
A new analysis finds New Jersey consumers will spend more during the holidays than people in most other states.
According to Doug McIntyre, the editor of 247wallst.com, the study looked at data from a survey conducted by the National Retail Federation and Prosper Insights & Analytics and found New Jersey is 7th in terms of holiday spending per person — $1,207.
He said the term holiday spending mostly refers to gifts that are purchased.
It's not surprising people in New Jersey would be spending more because the per capita income of the state, $54,502 is the fifth highest in the nation. New Jersey also has the fourth highest cost of living.
The report finds the state where consumers will spend the most for the holidays is North Dakota, at $1,394 per person, followed by Vermont, where the average person will spend $1,265.
The state where residents will spend the least during the holiday season is Mississippi, with the average person shelling out $893.
The National Retail Federation and Prosper Insights & Analytics survey finds gift cards are the most popular holiday gift, followed by clothing and accessories, as well as books, movies, music, video games and electronics.
The survey also finds the average American consumer will spend $1,048 during the holidays, but shoppers between 35 and 44 will spend, on average, $1,159.
You can contact reporter David Matthau at David.Matthau@townsquaremedia.com