WARWICK – When it comes to holiday spending, Warwick consumers have the biggest holiday budgets in Rhode Island at $1,121, according to WalletHub’s latest study.
The personal finance website ranked 563 communities to give consumers a better sense of their spending range. It said the National Retail Federation is estimating holiday spending to be high this year, with the average per-person tab expected to reach $805.65, a slight increase from $802.45 in 2014.
The city with the highest holiday budget on the list is Palo Alto, Calif., at $2,886.
In Rhode Island, Warwick placed 109th list, followed by Cranston, at 193rd with a holiday budget of $915. Pawtucket was next at 430th and $653, and Providence was last at 442nd and $632.
WalletHub said its analysts used data from several sources, including WalletHub partner TransUnion, to calculate maximum holiday budgets for consumers in 563 U.S. cities. Income, age, debt-to-income ratio, monthly income-to-monthly expenses ratio and savings-to-monthly expenses ratio were factors used to come up with the rankings, WalletHub said.
More information can be found HERE.
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