Answer:

Other fun facts: 

• Average consumer expects to spend $1,048
• 82% of 18-24 year olds plan to purchase for friends
• 56% of shoppers say they will shop online

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Questions:

• What are the top items on your wish list? 
• Have you created a budget for your holiday spending? Why do you think it's so difficult for people to keep to their holiday budgets? 
• What is the best gift under $20 that you have ever received? that you have ever given?
• What types of gifts do you think have the most meaning for your friends?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from National Retail Federation): 

“Younger consumers are helping drive the spending increase this year,” Prosper Insights Executive Vice President of Strategy Phil Rist said. “They’re not just spending on their immediate family members, they’re also treating their larger circle of co-workers and friends to gifts.” More than half of shoppers between the ages of 25 and 34 (52 percent) plan to purchase gifts for co-workers, and 82 percent of those between 18 and 24 plan to purchase gifts for their friends.

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Learn how to avoid shopping scams with this FinCap Friday: 'Tis the Season of Scammers. 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.