More than half are conLAR 158776134 C LAWARCO ONE brandpoint.com cerned about being able to afford gifts for everyone on their list (59%), finding the best deals (51%), and being able to pay their bills on time (54%). Still, over 2 in 5 are worried about having a money conversation around setting a gift-giving budget with family and friends (45%). Finding the trendy "it" gift this year is a stressor for 36% of shoppers.
Social obligations and hosting can be taxing on the wallet, leaving many wanting to avoid these situations altogether: Half of Americans (55%) hope they don't get asked to host a holiday party this year because of the associated costs-- while 42% admit to feeling pressured to attend holiday events that are outside their budget.
Nearly half (45%) admit they'd rather spend the money to go on vacation and skip the engagements and responsibilities of the season.
'Tis the season to spend
A third of Americans (34%) don't think their money will stretch as far this holiday season as it did last year, and 4 in 5 (83%) report their holiday spending will be impacted by economic pressures like inflation (62%) and cost of living increases (59%).
About 1 in 3 think their current debt (35%) and uncertainty about the economy (34%) will play into how they're spending this holiday season.
While the majority (80%) set a holiday spending budget, people are nearly 3.5x more likely to overspend than come in under their budget (45% vs. 13%).
Even though half (48%) say they plan ahead by being more frugal most of the year to afford the holiday splurge, they still overspend.
Close to 2 in 5 (37%) Americans admit they spend more on gifts than intended during the holidays trying to impress others. More than half (53%) would rather take on debt than give up celebrating the holidays in a special way, and 1 in 4 (26%) expect to take on more debt this holiday season than last.
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