These U.S. Cities Are Scrimping on Gifts This Holiday Season

If you're hoping for some expensive holiday gifts this year, chances are you're less likely to get them if you're celebrating in the Southern States. According to a new survey from financial website WalletHub, over a third of holiday shoppers have already overspent their shopping budget this year. Black Friday sales generated a record breaking $10.4 billion in 2015 but southern shoppers were the smallest spenders. Cites with the lowest holiday gift budgets were Albany, Georgia ($68), Knoxville Tennessee ($81) and Memphis Tennessee ($98). WalletHub used an algorithm that took into account factors such as residents' income, age, debt to income ratio and savings to monthly expenses ratio to generate the holiday budgets for each U.S. city.