The term "Maycember" has emerged on social media to describe the financial strain families face in May, paralleling the Christmas season. The National Retail Federation predicts college and graduation gift spending will hit a record $6.8 billion in 2025, highlighting significant financial outlays that month. While consumer spending rose slightly, inflationary pressures continue to influence family budgets as they manage expenses related to graduations, Mother's Day, camps, summer vacations, and more. This new concept captures the mounting pressures felt by parents during this busy spring month.
"May often feels like a second December because so many expenses pile up at once," Isabel Barrow, executive director of financial planning at Edelman Financial Engines, told CNBC.
Total spending for college and graduation gifts is expected to reach a record $6.8 billion in 2025, up from $6.1 billion in 2024, according to the National Retail Federation.
Families face increased costs in May for graduation, Mother's Day, camp, travel, weddings, and other activities that can accumulate unexpectedly.
As spending increased by 0.2% in May 2024 and personal incomes saw a 0.5% rise, consumers continue to juggle rising expenses in various categories.
Collection
[
|
...
]