Holiday Tipping, Spending & Debt: A K-Shaped Economy

As Christmas approaches, a Bankrate survey reveals a K-shaped economy trend: higher earners are spending, while lower earners are cutting back on year-end tipping. Despite reduced tipping, overall spending remains stable due to increased spending from higher earners. Meanwhile, forty-one percent of Americans worry about higher holiday gift costs, but only twenty-four percent plan a budget. TransUnion reports average credit card debt at six thousand five hundred dollars, with twenty-five percent considering more debt for gifts. Holiday sales are predicted to surpass one trillion dollars, a four percent increase from last year. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.