We don’t need a study to tell us that the holidays aren’t cheap, but new research is out to remind us just how expensive they can be. It turns out, the average American will spend more than $2-thousand this season, according to a new survey.
It asks 2-thousand U.S. adults who celebrate a winter holiday about how much they’ll be shelling out this year to come up with a cost breakdown of holiday season spending.
- The category people tend to spend the most on is transportation and travel, at an average of $846.
- “Putting on” the holidays is next, which adds up to $658, on average, and includes things like holiday food and refreshments ($155), throwing parties ($123) and holiday clothing and outfits ($107).
- Gifts is the third most expensive category for holiday spending, with Americans planning to pay $559 for presents for their loved ones this year.
- The most money goes to gifts for kids ($117) and partners ($92).
- But holiday budgets may be tighter this year, as 61% say 2024 is one of their top five most financially challenging years ever.
- That may be why 43% say they’re “going lean” this holiday season and will spend less than in years past.
- Nearly two-thirds (65%) admit they’re stressed about holiday spending this year and 73% say that stress takes away from enjoying the season.
- To pay for everything, respondents say they’ll put 20% of holiday expenses on a credit card, and 28% have already opened a new line of credit to cover the costs, or plan to open one.
Source: Talker