What is the average vacation budget for a New Yorker? | Report
NEW YORK, NY – The Rockefeller Center Christmas tree is up and being prepared for the annual lighting ceremony. holiday music repeats in many stores and Santa Clauses pop up all over town, like at the Staten Island Mall. New York City is rapidly transforming into its world famous holiday glory as the holiday season is just around the corner.
Between the charming decorations and the wintry drinks comes the daunting task of finding – and budgeting for – the holiday gifts for the people in your life. WalletHub recently released a report that showed the average New Yorker’s vacation budget is around $931 per person. This number ranks 340th out of 558 cities in the United States.
The report also shows what WalletHub calls an “average New York consumer profile”:
- Monthly income: $5,666
- Monthly expenses: $4,532
- Savings: $15,197
- Age: 38.1
- Monthly income to monthly expenses ratio: 1.25
- Monthly savings/expense ratio: 3.35
WalletHub said the town with the most average vacation budget was Newton, Massachusetts, with $4,233 per person for the holiday season. Hartford, Conn., is ranked last at No. 558. WalletHub puts the average person’s vacation budget at $211.
Various experts spoke to WalletHub about their thoughts on the holiday season and its impact on a person’s wallet, including John T. Bowen, Ph.D., former Dean and Barron Hilton Distinguished Professor at the University of Texas. ‘Conrad N. Hilton College of Hotel and Restaurant Management.
“The good thing is that most of the restrictions due to Covid have been removed. People feel good and look forward to the holidays. Families and friends look forward to celebrating the holidays with each other. This should have a positive effect on both vacation travel and gift spending. On the negative side, prices for energy, rent, groceries, automobiles, travel, and most items we buy are higher. This will moderate spending, forcing consumers to be price-conscious, research sales and compare prices,” Bowen said.
This comes as WalletHub reported that global holiday spending increased by around 14.1% in 2021 compared to 2020, which in actual numbers amounts to around $886.7 billion spent on holiday spending. holiday shopping in 2021 overall.