As holiday shopping kicks into high gear, new surveys from Achieve reveal how mounting expenses and the growing reliance on credit are set to impact American households well into 2025.
Achieve’s survey found that the average American will spend over $2,000 this season, with transportation and hosting accounting for the largest shares. Travelers expect to spend $846 on average, while costs for hosting celebrations – covering food, parties, and holiday outfits – will reach $658. Gift spending follows closely, accounting for an average of $560 in people's seasonal spending, particularly for children and partners.
“While the holidays can be one of the best times of the entire year, they can also be the most stressful,” Brad Stroh, co-founder and co-CEO of Achieve, said in a statement. “And while most want to put money into making the season special for their loved ones, there can also be pressure from internal and external sources to spend beyond your means.”
Even coming into the holidays, many families have been hampered with financial obligations. Achieve reported that 81 percent of respondents carried personal debt into 2024, with 38 percent seeing their balances grow this year. As a result, 43 percent plan to cut holiday spending, and one in five don’t expect to recover financially from the season until May 2025 or later.
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