Nov. 29—Suzanne Wason waited in line recently to pay for $100 worth of gifts cradled in her arms at Gibson's Bookstore in Concord.
"I set my goal of what I want to spend," similar to last Christmas, the Weare resident said.
"Whether it produces less will be a surprise," Wason said, alluding to inflation.
Concerns over rising credit card debt, inflation and a boosted stock market all play into the minds — and budgets — of people buying Christmas gifts.
Anyone using a credit card and not paying off their monthly balance is probably facing higher interest payments this year. The average interest rate for retail cards hit an all-time high recently at 30.45%, according to Bankrate.com.
"People do tend to find themselves getting further into debt around the holidays with credit cards, trying to keep up with the Joneses," said Paul McLaughlin, home team director at NeighborWorks Southern New Hampshire, which offers classes for first-time home buyers.
"They end up spending the next six to 12 months regretting it and paying off all the debt — or trying to," he said.
People looking to purchase a home should watch their spending and let their friends know, in order to rein in expectations.
"Tell them next year we're going to buy a house and you'll invite them over for a pot luck," McLaughlin said.
Credit card delinquencies have risen in the most recent figures for New Hampshire, but they remain below the national average, according to Greg David, economist at the state Economic and Labor Market Information Bureau.
"You might end up with more people in delinquency (after Christmas) struggling to pay down holiday debt," David said.
The Granite State delinquency rate for the last three months of 2023, the most recent data available, stood at 8.6% compared to 12.2% nationally.
"We are definitely seeing some people struggling financially," David said. "Overall, the trend in total income for the state, it's still solid growth."
The S&P 500 index and the NASDAQ composite both were up more than 25% for the year deep into November, including a boost once the presidential election was decided quickly and decisively.
"The stock market being up is typically going to increase consumer confidence, and when consumer confidence is up, that will lead to more spending," said Stephen Ciccone, an associate professor of finance at the University of New Hampshire.
"If they feel richer, they're going to spend more," he said.
Coming to NH