As the holidays approach, a new poll by Talker Research for Newsweek has revealed that Americans will spend an average of $470.60 on gifts this year.
Keeping the festive magic alive can be an expensive endeavor, and the survey of 1,000 U.S. adults conducted on December 2-6 revealed just how much families are spending this year. While the majority of Americans plan to spend between $101 and $700 on gifts, the poll found that 14 percent of respondents expect to spend more than $900.
Spending varied depending on location, too, with some regions spending much more than others. It was highest in the Northeast and Midwest, while those in the Southwest and West regions were planning more modest holiday spending. On the other side, 1 percent of respondents said they plan to skip holiday gift-giving entirely.
Despite the excitement of the season, financial experts caution against overspending. "The problem is that many—if not most—people do not take time to carefully consider and set their priorities," Austin Kilgore, an analyst with the Achieve Center for Consumer Insights, told Newsweek.
"People can spend beyond their means for many reasons: peer pressure, social pressure and the fact that it's easy to get caught in the habit of giving what your mother-in-law believes she deserves, a gift equal to what your friend gave you last year or enough presents to make a larger-than-ever pile under the tree," he explained.
While some even get themselves into debt over holiday shopping, Kilgore urged caution: "It's far too easy to forget that loved ones probably don't expect you to incur financial hardship to give bigger gifts," he said.
Tips for Spending Less This Holiday Season
For people looking to keep their finances in order during the holidays, Kilgore shared some tips.
1. Create a budget and stick to it
"Actually create a holiday budget that includes every single thing you plan spending on. Then modify it for what makes sense for you."
2. Experiences over gifts
"Get together with friends for a game night or day of baking instead of giving gifts. You could help others with housecleaning, babysitting, home maintenance work, snow shoveling over the next few months or yardwork in the spring. The gift of time really can be the best gift of all."
3: Plan shopping trips
"Map out a plan for stores you'll visit, and what to shop for at each location. Pay attention to sales at local stores. If you are 50 or older, find out what stores offer senior discounts, and when."
This random double-opt-in survey of 1,000 general population Americans was commissioned by Newsweek between December 2 and December 6, 2024. It was conducted by market research company Talker Research, whose team members are members of the Market Research Society (MRS) and the European Society for Opinion and Marketing Research (ESOMAR).
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