Spread a little holiday cheer and get ready to spend some money.

Caleb Silver, editor in chief at Investopedia, says, "The National Retail Federation says this will be a record-breaking year for holiday spending, it is almost always a record-breaking year, but you are looking at about a 3.1% increase, that is around $964 billion."

Silver says broken down per person, it means consumers will be spending about $900 just on gifts this year. As far as where people are shopping, Silver says most surveyed by The National Retail Federation say they will be shopping online.

And what do people want this year? Silver says, "On the wish list, according to the most recent survey by the National Retail Federation, gift cards, people want to make their own choices, so gift cards are popular. About 53% of respondents are saying that's what they want. Forty-nine percent say they want clothing and accessories, about 28% are looking for books or other media and around 25% want personal care and beauty products."