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.