Holiday shopping expected to rise as consumers plan increased spending

MILWAUKEE (CBS 58) -- Consumers are projected to spend more on holiday shopping this year, with sales estimated to total between $1.58 trillion and $1.59 trillion. Sales growth could return to pre-pandemic levels as declining inflation and potential interest rate cuts boost purchasing power.

That comes according to local financial professional Tom Neumann from Drake & Associates who joined us on Wednesday, Oct. 16 with money-saving tips for the season.

Neumann advises setting a budget and adhering to it to avoid post-holiday spending regret.

Avoiding dipping into savings or relying on credit cards for holiday expenses is one of his big tips for spending, advising that people rely on allocating dedicated funds and considering personal financial goals, such as paying off debt or increasing emergency savings to maintain financial stability during the holidays.