After a year of social distancing and the postponement of nearly every celebration, Americans are eager to make up for it, even if it means going into debt. We’ve found that as the pandemic winds down and celebrations commence, 45% of Americans are overspending on gifts and 29% are going into debt.
LendingTree surveyed over 1,000 Americans to understand how the pandemic has impacted their spending habits when it comes to celebrations. From spending on post-pandemic birthdays to post-pandemic weddings and celebrations in between, a quick look at what they found:
- Consumers are ready to make up for a year of missed celebrations, with 21% planning to “spend big” on their first post-pandemic birthday.
- 45% of consumers admit to spending more than they can afford on celebratory gifts because they want to impress the recipient.
- 29% say gift giving has led them into debt.
- Spending is highest on post-pandemic birthday gifts, surpassing milestones like weddings and graduations.
- Parents feel particularly pressured: 57% of those with kids say they feel they need to make their child’s first post-pandemic birthday extra special.
- More than one-third of parents (33%) have gone into debt to celebrate their child’s birthday.
You can view the full study here: Spending On Celebrations