CHARLOTTE, N.C., Nov. 2, 2021 /PRNewswire/ -- This year's upcoming holiday shopping season is filling nearly half of consumers with dread, according to a LendingTree survey of more than 2,000 Americans.
The main reasons why involve the anticipated costs of presents and festivities, as well as the pressure to purchase gifts. In fact, stress levels are so high that about a quarter of Americans say they're even losing sleep worrying about how they'll afford holiday spending this year.
Nearly half (48%) of consumers are dreading the holidays due to the costs associated with them. Specifically, 40% are dreading Christmas and 13% are dreading Thanksgiving.
With this year's season looming, 13% of consumers are still paying off last year's holiday bills. The percentage is even higher among parents with young kids, with more than 1 in 5 still grappling with balances from last year's toy haul.
Debt expectations are up from last year, too, with 41% of Americans saying it's at least somewhat likely they'll incur holiday shopping debt this year, compared to 31% who said the same last year.
Gift-giving pressure is real, as per 40% of Americans who say they feel obligated to purchase gifts for at least one person, most commonly family (23%). Gen Zers and millennials are feeling pressure more than other age groups.
The stress level is so high that about a quarter (24%) of consumers say they are losing sleep worrying about how to pay for the holiday season. That jumps to 36% among parents with kids under 18.
On average, Americans plan to shell out $792 on gifts this holiday season. Parents with kids under 18 will expect to spend even more, up to $1,105 on average.
"It's definitely normal to dread the holidays because of how costly they are. However, there's no question that for some Americans, this holiday season will be even harder," says Matt Schulz, chief credit analyst at LendingTree. "Not only have millions had their financial lives flipped upside down by the pandemic, but this year has introduced a growth in inflation. It's a really bad time to have everything cost more."
Methodology LendingTree commissioned Qualtrics to conduct an online survey of 2,036 U.S. consumers from Sept. 23 to Sept. 30, 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