Whether it’s to make up for lost time or to rejoice at the “return to normalcy,” a study from LendingTree has found that 45 percent of Americans are spending more than they can afford in response to the COVID-19 pandemic ending.
The study found people are spending the most on birthday gifts (49 percent), weddings (28 percent) and graduations (11 percent). Here were some other notable results from the survey of 1,048 consumers:
- 29 percent of the people interviewed said gift giving has put them in debt
- 33 percent of parents said they have gone into debt planning their child’s first post-pandemic birthday party
- 57 percent of parents said they feel pressure to make their child’s first post-pandemic party “extra special,” especially if they have seen other parents spend a lot of money on their children
- 21 percent want to “spend big” on their own birthday post-pandemic, such as a trip or a big party
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