Holiday Spending Season Is Crazy Out Of Control in 2024

Parents, Brace Yourselves for Holiday Spending Season. Ready for another round of holiday spending madness? If you're a parent, you know the drill: presents, travel, and somehow managing to not go broke before the new year. NerdWallet's 2024 Holiday Spending Report is here to let us all know that, yes, spending is up... again. The Holiday Spending Surge: Presents for the Kids (and Everyone Else) We love our kids, and they’re totally worth it, right? Well, Americans are planning to drop an average of $925 on gifts this year. That’s over $200 billion collectively. More than half of parents admit that the stress of holiday shopping makes them twitch, but still, 32% of us feel like we have to show love through gifts—no matter the cost. Who knew love was so expensive? And if you still haven’t paid off last year’s holiday debt, you’re not alone. About 28% of shoppers are still carrying that festive burden from 2023. Time to make some decisions: stick to a budget this year or let the cycle continue? Holiday Spending: Travel Edition Thinking about flying or staying at a hotel for a family vacation this holiday season? You and half of America! Almost 50% of us are planning to travel, spending an average of $2,330 on flights and hotels. That’s $46 billion more than last year, which makes sense—flights get pricier, and your in-laws still expect a visit. But here’s a little secret: 28% of 2023 travelers haven’t even finished paying off last year’s holiday trips. So, if you’re thinking about splurging on that dream vacation, maybe ask yourself if you’ll still be paying for it in July. Spoiler alert: you probably will. The Holiday Spending Game Plan: Spend Smart (or At Least Try) Now that we know holiday spending is basically a financial marathon, let’s talk strategy. A quarter of parents are creating strict budgets (hats off to you organized souls), and others are embracing coupon apps and cash-back deals. If that’s not your style, maybe take a page from the minimalist playbook and spend less on each person or cut down the list altogether. Bottom line? The holidays don’t have to bankrupt you. Start early, compare prices, and remind yourself that homemade gifts are totally cool. Or, you know, at least that’s what you’ll tell the kids when you give them another handmade coupon book.