Many Americans Dread The Holidays Because It's Expensive

There’s no fighting it, the holiday season is upon us, and while some people are thrilled about it, there are plenty of people who are not so excited.

A new LendingTree survey finds:

  • 48% of Americans say they are dreading the holidays because of how much they cost them.
  • 40% are particularly dreading Christmas for this reason, while 13% are not looking forward to Thanksgiving.
  • 24% of people say they are losing sleep due to anxiety about paying for the holiday season.
  • That’s even more true for parents with kids under 18 (36%) and Gen Z (35%).
  • 13% of people say they are still paying off their debt from last year’s holiday season.
  • 41% of folks say they will likely go into debt this holiday season.
  • That’s likely because 40% of people say they feel obligated to buy gifts for at least one person.
  • The most likely people they will be spending money on include:
    • Family members (23%)
    • Romantic partner (9%)
    • Friends (9%)
    • Partner’s family (9%)
    • Colleagues (5%) 

So, how much will everyone be spending this year?

  • Well, the average person will spend $792 on holiday shopping this season.
  • That number goes up to $1,105 for parents with kids under 18.

Source: LendingTree

Photo: Getty Images


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