Shoppers in these Houston suburbs are among biggest holiday spenders in U.S.
It appears that delivery drivers (and Santa) will be hauling sleighs full of gifts to homes in The Woodlands and Sugar Land this holiday season.
A new study from personal finance website WalletHub ranks The Woodlands and Sugar Land sixth and seventh, respectively, in the country for cities with the biggest holiday budgets. WalletHub estimates that consumers in The Woodlands will ring up an average of $2,729 in holiday spending; Sugar Land residents will spend $2,728.
Other Greater Houston-area suburbs on the list include League City, No. 15 at $2,501, and Missouri City, No. 98 at $1,264.
Elsewhere in Texas, Flower Mound came in second for holiday spending; residents there will ring up an average of $2,973. Only Palo Alto, California, had a higher amount ($3,056) among the 570 U.S. cities included in the study, which was released November 17.
The five factors that WalletHub used to come up with budget estimates for each city are income, age, savings-to-expenses ratio, income-to-expenses ratio and debt-to-income ratio.
Flower Mound consistently ranks at the top of WalletHub's annual study on holiday spending. Last year, the Dallas suburb came in at No. 3 (budget: $2,937), and in 2018, it landed atop the list at No. 1 (budget: $2,761).
Aside from Flower Mound, five cities in Dallas-Fort Worth appear in WalletHub's top 100:
- Richardson, No. 36, $2,002
- Frisco, No. 53, $1,684
- Plano, No. 59, $1,594
- Carrollton, No. 71, $1,492
- North Richland Hills, No. 95, $1,303
Two cities in the Austin area also make the top 100: Cedar Park at No. 73 ($1,472) and Austin at No. 99 ($1,259).
Austin's No. 99 ranking puts it in the top spot among Texas' five largest cities. It's followed by Fort Worth (No. 306, $718), San Antonio (No. 394, $600), Dallas (No. 399, $596), and Houston (No. 436, $565).
Harlingen is the most Scrooge-y Texas city: The estimated $385 holiday budget puts it at No. 560 nationwide.
Overall, Americans predict they'll spend an average of $805 on holiday gifts this year, down significantly from last year's estimate of $942, according to a recent Gallup poll.
Outlooks for U.S. holiday retail sales this year are muted due to the pandemic-produced recession. Consulting giant Deloitte forecasts a modest rise of 1 percent to 1.5 percent, with commercial real estate services provider CBRE guessing the figure will be less than 2 percent.
"The lower projected holiday growth this season is not surprising given the state of the economy. While high unemployment and economic anxiety will weigh on overall retail sales this holiday season, reduced spending on pandemic-sensitive services such as restaurants and travel may help bolster retail holiday sales somewhat," Daniel Bachman, Deloitte's U.S. economic forecaster, says in a release.
This article originally ran on CultureMap.