With all the traveling, gift giving and festivities, celebrating the holidays can get pretty pricey. And if you plan to host a party this month, your holiday budget will be taking another hit. According to a new survey, 30% plan to host a holiday gathering in December and they plan to spend about $760 doing it.
LendingTree asked 2-thousand Americans about their holiday party plans this year and their survey reveals:
- The generations most eager to throw a party this year are Gen Zers (40%) and Millennials (35%)
- The most common expenses party hosts expect to spend on include food and drinks (89%), decor for the inside of their home (60%), decor for the outside (41%), and gifts for their guests (60%).
- Millennials plan to spend more than any other generation on their hosting duties, expecting to shell out nearly a grand ($981) on their gathering.
- 55% of Millennials admit they might go into debt as a result of the party they throw.
- On top of the food and drinks, decor, and entertainment, the party items Millennials will be spending the most on include special table linens/placemats (35%), special silverware/serving utensils/serving bowls (28%), and invitations (21%)
Overall, about 40% of respondents plan to attend holiday parties this month, which brings us to host gifts:
- To show their gratitude for the party, about 65% of Americans polled will bring a gift for the host
- Party guests expect to spend $213 on presents for host gifts for all the different parties they attend this month.
- And once again, Millennials are the big spenders, expecting to spend $291 on gifts for their hosts.
- As for the perfect gift to bring to a host, respondents’ top choice is a nice bottle of wine or other alcoholic beverage (39%), followed by baked goods (18%), and plants or flowers (8%).
- But if you show up empty-handed, don’t feel bad, only 10% of hosts say they’re offended when guests don’t bring them a gift.
Source: Lending Tree