Here's how journalists can add life to those holiday spending stories

By Joe Pye

I’ve been covering finance since 2017. Every year, I read the same headline, “Holiday Spending to Reach Record High.” The news report always references the National Retail Federation’s annual "Holiday Spending Forecast,” and it’s consistently hitting record highs. 

If the same thing happens every year, is it still news? 

Since 2003, the world’s largest retail association has released a report showing how much Americans spend on the winter holidays. 

It comes out every November — and it typically moves up. I only use it for background reporting and recommend you do, too. Here’s how I keep my annual holiday reporting newsworthy.  

There’s more than one type of survey

The federation’s spending report shows data from retail stores. Other sources can reveal how people are spending and the emotions behind their spending. 

Between September and the winter holidays, financial services and retailers will release additional surveys on consumer spending. Last year, Mastercard released its “SpendingPulse” study, revealing that “retail sales grew by 3% during the holiday season.”

There’s more to that statistic than the headline Mastercard released on the wire. 

NPR used that stat to conclude, “Holiday spending is up. Shoppers are confident, but not giddy.” The nonprofit media organization compared consumer spending last year to the past few. Holiday spending had spiked by 12%, focusing the 3% rise in a clearer perspective.  

Last year, another report from Adobe Analytics revealed more people were spending with Buy Now, Pay Later. CNN did a great broadcast package on the rise in the popularity of short-term financing options. 

Reporting tip: Around the holidays, I get dozens of pitches from companies with similar surveys. I never take the media contact’s suggestion as the only story idea. Often, the lede is buried in the survey, similar to the Mastercard study above. Look further than what you’re being told. Always use visuals and charts of the data in these surveys. 

Compare the economy and everyday consumers 

Is there a direct connection between holiday spending and global issues? Last year, a Bankrate survey of 2,300 Americans found that 1 in 3 spent less on the holidays because of inflation. 

That’s an interesting takeaway. In your reporting, you can compare how those Americans feel to the Consumer Price Index. The Consumer Price Index is a publicly available measure of inflation tracked by the Bureau of Labor Statistics. 

Bankrate is just one personal finance site that conducts consumer research like that.

LendingTree, WalletHub, and even Debt.com — the website where I work as managing editor — poll Americans on annual holiday spending. 

Each of those websites has experts and analysts available for interviews. You can ask them about their research and advice on spending. Money Watch on CBS News did a great report in which they invited an economist to comment on this segment.

However, experts cover one type of source. The most important source here is everyday Americans. 

Go to where consumers are shopping. Ask what they think of the data you’ve found. Do their answers compare with the surveys you’ve found? Do they compare with the BLS data?

Man-on-the-street interviews make for great sound bytes and B roll. The only consistency about your holiday spending coverage should be that it comes out every year.

Reporting tip: Research shows a snapshot of people and how they feel. It can never replace shoe-leather reporting and going straight to the source. Always invite experts to explain research in plain English, why it matters, and what people can do about it.

ADDITIONAL RESOURCES

• NerdWallet: How to Build a Holiday Budget That Works Every Year
• American Bankers Association: Budgeting for the Holidays

Joe Pye is the Managing Editor of Debt.com, which has helped millions of people get out of more than $12 billion in debt since its launch last decade. He can be reached at jpye@debt.com. 

Finance 411 is a bi-monthly feature, presented by RTDNA and the National Endowment for Financial Education. Interested in becoming a contributor? Email info@rtdna.org for more information.