It's the holiday season and Americans are, as ever, spending their way through it.The National Retail Federation estimates consumer spending could hit as high as $989 billion for the holidays in 2024, which would be a 3.5 percent annual rise. Its lower estimate is a 2.5 percent increase.But many Americans are feeling the financial pinch right now after a few years of high inflation. Pew research in September found that 74 percent were concerned about the price of food and consumer goods.
'And don't forget to budget for the non-gift stuff, like holiday dinners or travel—those costs sneak up fast!Kyla Scanlon, Economic Commentator; Author, 'In This Economy?'Sometimes, the best gift is an investment—whether that be in the form of stocks or a thoughtful, handmade, gift.Try to avoid the social pressure to spend a lot of money and instead give people something that will compound over time—whether that be some SPY shares or a handmade scrapbook of good memories.