WACO, Texas (KXXV) — Texas families are spending an average of $720 on holiday gifts this year, ranking third highest in the nation and significantly above the national average of $520.
- Buy-now-pay-later service usage among parents has doubled to 43% from last year, raising concerns about post-holiday financial strain
- Financial experts recommend advance planning and setting spending limits, emphasizing that meaningful holiday memories don't require expensive purchases
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BROADCAST TRANSCRIPT:
Texas families are spending more than ever on holiday gifts this year, with new data showing the Lone Star State ranks third highest in the nation for holiday spending.
According to a survey by Coupon Bird, Texas parents are averaging about $720 on gifts this holiday season, significantly higher than the national average of $520 — which itself represents a 10% increase from last year.
The financial pressure is real for families like Brian Rinehart, who has eight children and has already spent more than $1,000 on gifts this year.
"I know how hard it is and I understand it, but I wish everybody would put back just a bit every week," Rinehart said.
The high spending has led to concerning trends in how families finance their holiday purchases. About 43% of American parents are now relying on buy-now-pay-later services, which is twice as much as last year, according to Ben Trainer from Coupon Bird.
"The fear is that parents are going to get into a cycle where they want to make their kids happy because who doesn't want to do that, but unfortunately the consequences often come as a bit of a hangover in the new year," Trainer said.
Some local families have found ways to manage the financial pressure through advance planning. Teresa Almanza starts saving in January by putting $20 into a piggy bank each week, giving her family about $900 to spend by November.
"We start saving for Christmas earlier in the year and unfortunately from what we found in the survey a lot of parents don't do that," Trainer said.
Despite the financial pressures, some families are focusing on giving back rather than accumulating more gifts. Rinehart said his family emphasizes teaching children about generosity.
"We're more about giving as we're showing our kids how to give more than take. So, we bought a lot more for other kids than ours," Rinehart said.
Experts emphasize that the most meaningful holiday experiences don't require expensive purchases.
"When I look back at my childhood, the things I remember the most was the things I did with my family not the things they bought me," Trainer said.
Experts recommend planning ahead, setting spending limits and being cautious with buy-now-pay-later options to help families avoid long-term financial stress. They remind parents that meaningful memories don't have to come with a price tag.
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