This is how much the average American will spend during the holiday season in 2024

The holiday season is just around the corner. This December 24th and 31st, millions of Americans - and people around the world - will gather to celebrate Christmas and New Year’s. While it is one of the best times of the year, for some it could be one of the most stressful due to the economic impact on their pocketbooks.

According to an analysis conducted by Achieve and Talker Research, the holiday season is anything but cheap. The results, based on surveys of 2,000 Americans, reveal that the average citizen spends thousands of dollars during the holiday season.

“This study sheds light on how a financially challenging year is affecting the holiday season and how much people are able to enjoy it,” said Brad Stroh, co-founder and CEO of Achieve. “For people who are struggling this season, or just in general, there are many simple steps they can take to improve their financial situation. These can range from setting and sticking to a budget to talking to a financial expert or stopping using credit cards altogether.”

Here's how much the average American will spend during the 2024 holiday season

According to the analysis, in 2024, Americans will spend around $2,000 on average for the holiday season. Within this budget, transportation is the most expensive category. Those planning to travel will spend $846 on average.

In second place is party planning. Americans will spend about $658 on the holiday dinner, including $155 for food and drinks, $123 for decorations and other planning, and $107 for holiday attire. Next comes gifts, which account for about $559 in expenses.

To address this, 20% plan to make payments with their credit card or apply for/open a new line of credit (28%). A fifth of respondents believe that they will not recover financially from the holiday season until May 2025 or even later.

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