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How much should you spend on gifts this holiday season

FILE - Holiday Spending Photo

The holidays can bring good cheer, offering a chance to reconnect with loved ones. They can also be stressful, as people may feel the pressure to buy and give gifts.

This year’s personal holiday spending level is expected to be near record highs, according to the National Retail Federation. The average person is expected to spend more than $935 this season on gift purchases. That is nearly a $130 increase over holiday spending in 2015.

By comparing the average across five metrics, WalletHub developed a proprietary algorithm, to determine holiday budgets for a particular city.

El Paso’s average holiday budget for 2016 is $527. That means the average holiday shopper in the Borderland can expect to spend this amount on gifts for the holidays this year.

The average consumer profile data used for the city of El Paso is below.

Monthly income: $3,756

Monthly expenses: $3,015

Savings: $4,359

Age: 33.1

Debt-to-income ratio: 44.6%

Monthly income-to-monthly expenses ratio: 1.25

Savings-to-monthly expenses ratio: 1.45

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