A new survey finds that people in the United States will spend more than $1,000 on average during the current holiday season.
Nearly two-thirds said they will probably make impulse buys, according to the "Holiday Spending Report" released Wednesday by BMO Harris Bank.
Just under a third said they usually regret how much they spend during the holidays.
On average, people are expected to spend more than $550 on gifts and more than $300 on travel.
Half of the people surveyed said the holiday season is the only time of the year they spend beyond their means. Thirty-eight percent said they overspend because of the expectation to buy gifts and celebrate the holidays.
Eighteen percent of people said they usually set aside money in a special account that’s only meant for holiday shopping. Nearly half said they discuss a holiday budget with their families before shopping.
The survey polled 1,300 people and examined their holiday shopping behavior between Thanksgiving and New Year’s Day. The poll had a 2.5 percentage point margin of error.