BASKING RIDGE, N.J.--(BUSINESS WIRE)--As families across the country gear up for the holiday season, new data aggregated by Affinity Federal Credit Union (“Affinity”) highlights the cost of holiday celebrations, travel, and gifting. The average American family can expect to spend an additional $2,749.42 on holiday expenses from Thanksgiving through New Year’s, covering hosting, travel, gifts, and seasonal activities.
Affinity’s 2024 Holiday Spending Index analyzed holiday-related expenses across key categories to provide a full picture of how much Americans will spend this year. Hosting a traditional holiday meal for 12 people will cost an average of $344.61, which includes appetizers, main courses like turkey and ham, side dishes, desserts, and beverages. This represents a sizable portion of holiday budgets, as many families look to maintain cherished traditions.
Travel is another major factor contributing to rising holiday costs. According to last year’s AAA travel forecast, 115.2 million people were expected to travel at least 50 miles or more from home over the 10-day year-end holiday travel period, with families incurring significant expenses to reconnect with loved ones. For a family of four, the average cost of traveling by plane is $1,728. Those opting to travel by train face a slightly lower expense of $1,048, while traveling by car remains a more budget-friendly option, with gas prices averaging $3.09 per gallon as of Nov. 8 2024.
In addition to travel and hosting, families will face additional costs through holiday-related activities and decor. The average family will spend approximately $415.27 on holiday-themed entertainment, which includes activities such as light shows, ice skating, and festive outings. Decorating for the holidays adds another layer of expense, with the average family of four spending $459.96 to bring the holiday spirit into their home through lights, ornaments, and other decorations.
“The holiday season brings families together but can also bring additional financial pressures,” said Grant Gallagher, AVP, Financial Wellbeing and Brand Communications at Affinity. “At Affinity, we’re dedicated to supporting financial wellbeing through resources and strategies that help families plan, budget, and enjoy the season without unnecessary financial stress.”
Gifting, which accounts for a significant portion of holiday spending, contributes further to the seasonal expenses. For a family of four, the cost of gifts, holiday cards, and related expenses is expected to average $481.58, according to the 2024 Affinity Holiday Spending Index. This represents approximately 20% of the typical holiday budget, as families aim to share joy with loved ones through thoughtful giving.
“The holidays are a time for creating memories and sharing moments with those who matter most,” said Shawn Lubitz, Vice President of Branches at Affinity. “However, it’s important to approach this season with a plan. While holiday costs can add up quickly, families can take proactive steps to ensure that their finances remain on track while still enjoying all the season has to offer.”
Affinity’s Certified Wellbeing Coaches encourage families to be mindful of how holiday costs can add up quickly. By planning ahead and managing their finances proactively, families can navigate the season’s financial challenges while preserving their overall wellbeing.
This research was conducted via an October 2024 review of national holiday spending trends and products and services. The data reflects estimated costs across key holiday categories. Businesses or goods included in the research are not endorsed by or members of Affinity Federal Credit Union.
About Affinity Federal Credit Union
Affinity Federal Credit Union is a full-service financial institution, member-owned and community-focused, with a mission to nurture your financial wellbeing. With 20 branches across the tri-state area, Affinity is the largest credit union headquartered in the state of New Jersey, proudly ranking in the top 2% of all credit unions in terms of asset size. The Affinity difference is about people helping people on a deeper level and understanding what you need to make your unique dreams a reality. For more information, please visit www.affinityfcu.com.
