CHARLOTTE, N.C., Dec. 7, 2021 /PRNewswire/ -- While the reason for the season may have very little to do with spending money, in reality, celebrating the holidays can cost a pretty penny.
LendingTree surveyed more than 2,000 Americans and found that almost 30% of Americans plan to host December holiday gatherings and anticipate spending about $760 to provide their guests with drinks, food and gifts.
Millennials, in particular, plan to spend big time on gatherings this December — $981 — more than any other generation reported. To help cover these expenses, 55% of millennials say they may have to take on debt to do so.
Key findings
- Nearly 30% of Americans have firm plans to host December holiday gatherings at their home, expecting to spend about $760 on the occasion. Their most common expenses include food and drink, gifts for guests and home decor.
- Millennial party hosts will spend $981 this December — more than any other generation — and 55% say they might incur debt as a result. Across holiday hosts of all ages, 44% say it's at least somewhat likely they'll incur related debt.
- Americans who attend these December holiday parties (about 40% have plans to do so) will spend $213 on gifts for their hosts. 65% of Americans say they bring gifts for the host when attending a holiday party, but only 10% of hosts say they are offended when guests don't bring them a gift.
- The perfect gift for a host is a nice bottle of wine or other alcoholic beverage, according to Americans (selected by 39%). That's followed by baked goods (18%) and plants or flowers (8%).
"Americans love few things more than a good party, and after the last two years with all we've been through, it makes all the sense in the world that people would be eager to throw a big one, even if it means a little bit of debt," says Matt Schulz, LendingTree's credit card expert. "The trouble comes when people overdo it too much and that little bit of debt ends up being a big problem."
To view the full report, visit:https://www.lendingtree.com/credit-cards/study/millennials-spend-nearly-1000-hosting-holiday-parties/.
Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 2,049 U.S. consumers from Nov. 3-5, 2021. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree
MEDIA CONTACT:
Morgan Lanier
morgan@lendingtreenews.com
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SOURCE LendingTree.com
