Report: What residents in Tennessee cities should spend this holiday season
NASHVILLE, Tenn.--The holiday season is upon us and that means many Americans will be spreading their cheer -and their bank accounts- now through Christmas.
The personal finance website WalletHub reports the average spending per-person this year is expected to reach $1,007 this year, up 4.1 percent.
In an effort to help consumers stick to a holiday budget, the company calculated a maximum budget for cities based on average income, age, and savings-to-expense ratio.
In Tennessee, the city of Franklin had the highest spending budget based on the data, allowing for $1,316 of spending per-person this holiday season. The budget ranked 56th of over 500 cities analyzed.
The next closest city was Murfreesboro, ranked 211 with a budget of $754. The city was followed by Nashville (262nd) with $671 per person.
Clarksville (288th) was next with $646, Chattanooga (450) $499, Knoxville (487) $469 and Memphis (494) $459 were the only other cities in the Top 500.
