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Press Release 11-269

United States Ranks 20th in Holiday Spending

Americans typically spend $70 billion more in December than in November and January

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Illustration of an old man wearing a top hat holding a Christmas stocking filled with cash.

Even though the U.S. economy has continued to grow, Americans spend less now on Christmas gifts and other items in December, as compared to the size of the economy, than at any time during the last 75 years.

Credit: 2011 Jupiter Images Corporation

 

University of Minnesota economist Joel Waldfogel, author of Scroogenomics: Why You Shouldn't Buy Presents for the Holidays gives his unique view on buying Christmas presents and holiday spending.

Credit: National Science Foundation