The average holiday spending in the US revealed

It may be not only the most fascinating time of the year but also the most expensive

Holiday gifts

The average holiday spending in the US revealed. Source: unsplash.com

According to LendingTree’s 2019 Holiday Spending Survey, the average American is going to spend $600 on holiday gifts this year. Along with that, 1 in 4 expects to incur debt this season, whereas millennials tend to feel most stressed.

61% of Americans feel frightened about the winter holidays approaching due to spending, with 57% dreading Christmas specifically.

At the same time, 1 out of 3 worries about how they’ll pay for the winter holiday, including about half of millennials and parents of kids under 18.

Parents are also worried not to disappoint their children. 3 out of 4 feel pressured to spend on holiday gifts for kids under 18. As long as parents decided to spend less than the previous year, 69% say their kids won’t be happy with that decision.

About a quarter of people surveyed expect to incur debt this holiday season, whereas nearly 1 in 5 are still paying off bills from last year’s holidays.

Millennials and parents of children under 18 are most likely to struggle to repay holiday debt one year later. About 40% of them think they’ll take on more debt this year.

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