A LendingTree survey found that nearly 30% of Americans are planning to host holiday parties in December and millennials plan to spend more money on their parties than any other generation reported.
LendingTree surveyed more than 2,000 people. Most people anticipate spending around $760 on their holiday parties. But millennials, according to the study, plan to spend $981. The study also said 55% of millennials said they may incur debt to host the party.
The study also found that people who attend the parties will spend around $213 on gifts for their hosts, with 65% of Americans saying that bring gifts for the host when attending a holiday party.
"Americans love few things more than a good party, and after the last two years with all we've been through, it makes all the sense in the world that people would be eager to throw a big one, even if it means a little bit of debt," says Matt Schulz, LendingTree's credit card expert. "The trouble comes when people overdo it too much and that little bit of debt ends up being a big problem."
Click here to read the full study.
