While Americans are getting ready to spend money this holiday season, some parents in some states are going to spend a bit more on their children when it comes to presents.
According to a new survey from Coupon Birds, Americans are preparing to spend top dollar this holiday season, with 65% of parents who can’t afford to buy in cash planning on using credit to get their loved ones presents this year.
On average, American parents are expected to spend $461 per child on presents this year. However, some states are also planning on spending more than others, with parents in New Jersey leading the way, as they plan to spend $712 per child.
Following New Jersey is Texas, where parents plan on spending $659 per child; Pennsylvania and Massachusetts, where parents in both states will dish out $648 per child; and California, where parents will spend $626 per child.
The report also found that 49% of parents across the country plan on going into debt because of how much they will spend on their children this year.
Overall, the study found that 9% of parents say they are going to spend $1,000 or more per child this holiday season. On the other hand, the study found that 83% of parents will spend $250 or more per child on Christmas gifts.
Other states that have high-spending parents include Illinois ($614), Nevada ($618), North Carolina ($606), and Arizona ($610).
The state where parents will spend the least is South Dakota, where parents say they only plan on spending $247 per child this year. Other low spenders include Nebraska ($263), Kansas ($279), Oklahoma ($287), and West Virginia ($255).
When it comes to what they’re spending money on, not every parent plans on buying toys, underwear, or other items for holidays this year, as 24% said they are giving family experiences like trips or events.
For those who are looking for tips to avoid overspending, the surveyors shared that parents should “create a holiday spending plan early, and write down everything you need to buy including gifts, meals, decorations, and travel expenses.A clear budget will help tame overspending!”