DENVER (KDVR) — With less than a week to go until Black Friday, new research shows consumers are expected to overspend on gifts and other holiday expenses this year.
New data from WalletHub shows how much Coloradans are looking to dole out on gifts.
On average, Denverites are expected to shell out $864, Fort Collins residents about $840, and in Centennial, the average resident plans to spend $1,667.
Consumers in Highlands Ranch are projected to spend the most: roughly $1,904, according to analysts at WalletHub.
“When we took a survey, most people do not think they’ll be able to pay in full what they’ve overspent on by the end of the year. Most people think they can probably repay it by February,” said Jill Gonzalez, a WalletHub analyst.
Experts say this amount of spending can be concerning, given the cost of inflation and the fact the average American has around $8,000 in credit card debt.
“With all of the supply chain issues, try and shop as early as you can, because the last thing you want to do is spend even more money on expedited shipping because you waited too long. So this year that’s something you really want to keep in mind,” Gonzalez said.
To read the full report from WalletHub, click here.