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Happy Thanksgiving! Or should we say – Happy Black Friday! You’re probably aware that Thanksgiving is a prime time for Holiday shopping. In fact, you may be one of the 137.4 million people planning to shop over the holiday weekend.  This is just one of the holiday spending statistics that may surprise you. If you’re as fascinated as we are with the financial numbers behind the holidays, read on.

Holiday Spending Statistics

1. The 2016 national average spending increased 4.8%, compared to 2015 spending.*

2. Pennsylvania increased higher than the national average, with over 6% spending growth.*

3. Holiday retail sales totaled $658.3 billion dollars in 2016, according to the National Retail Federation (NRF).**

4. They also found that 2015 spending per person topped $800.**

It’s common for people to spend more than usual during the Holiday season. You’re buying gifts for friends, taking trips to see family, and prepping for large celebrations. Luckily, there are many ways you can keep your spending on budget this season, including specific deals offered only to credit union members. Get all the tips by reading our article, “5 Holiday Budgeting Tips to Help You Keep Your Sanity.”

5. The NRF is predicting holiday retail sales in November and December to increase up to 4% in 2017, up 26.2 million from 2016.**

6. In 2016, 58% of shoppers planned to take advantage of sales during the Holiday season to make non-gift purchases.**

7. 69% of women want gift cards, compared to only 53% of men. On the other hand, 41% of men want consumer electronics, while only 24% of women wish for items in that category.**

8. Online shopping was at its highest levels in 2016, with 56.5% of customers choosing to shop online – up 6.8% from the 2015 season.**7. 69% of women want gift cards, compared to only 53% of men. On the other hand, 41% of men want consumer electronics, while only 24% of women wish for items in that category.**

While shopping online is easy, convenient, and often cheaper than shopping in-store, you need to be aware that online fraud is a relatively common problem. Luckily, it’s also pretty easy to avoid common schemes if you know what to look for and avoid. Read our article, “Common Fraud Tactics and How to Avoid Them.”

9. About 137.4 million customers stated they would probably shop over the 2016 Thanksgiving weekend. Of those customers, 74% planned to shop on Black Friday.**

10. Restaurant gift cards were the top gift card consumers planned to buy, at 35.2%.**

11. Almost 40% of all customers are planning to use a debit or credit card to make their holiday purchases.**

Using a card to make your purchases in-store and online is a smart decision. Using credit cards, and selecting credit at the register when using a debit card, will give you additional fraud protection from large credit companies like VISA. Find out the best type of payment to use for other situations by reading our article, “Should You Pay with Debit or Credit at the Cash Register?”

12. In 2016, 122.2 million people planned to shop online on Cyber Monday.**

13. Experts predict that Amazon, Walmart, and Target will be the most popular online stores during Thanksgiving weekend.***

With all of this spending, the holidays are a prime time for criminals to try and steal your identity. Read our article “6 Foolproof Tips to Protect Your Identity” to learn how you can proactively protect yourself from these criminals. AmeriChoice members also have the ability to sign up for our Benefits Plus program, with includes a comprehensive identify theft component. Learn about Restoration Rescue here.

Sources:

*2016 VISA U.S. Holiday Spending Report

**2016 NRF Holiday Forecast

***2017 BestBlackFriday Holiday Predictions

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