Retail spending is expected to jump this winter, and residents of Cary can afford the seventh-highest holiday spending budgets in the country. That's according to a report from the financial web site WalletHub. Their calculations say the average Cary resident can spend $1,948 dollars per person.
"We looked at annual income, we looked at monthly expenses, how much savings were put away per person on average, the age of the population, and finally boiling it down to this debt-to-income ratio, to understand how much debt people can take on right now," said Jill Gonzalez, an analyst at WalletHub.
Raleigh ranked one-third of the way down the list. The average resident there can afford to spend $662 this holiday season.
"And this doesn't necessarily mean that it's your holiday budget," said Gonzalez. "So, this is certainly by city, but this is a good general guideline to see what you should be spending, as opposed to breaking the bank this holiday season."
Gonzalez said individuals should calculate their own holiday spending budgets to avoid racking up debt.