Here's how much hosts anticipate to spend on holiday parties this season: survey

Christmas party
Photo credit Getty Images
By , Audacy

If you want to be the host with the most, expect to spend a pretty penny.

LendingTree surveyed more than 2,000 Americans and found that almost 30% plan to host some kind of gathering this holiday season with 40% of Americans planning to attend a holiday party at some point.

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But throwing an event -- whether a small gathering or a larger get together -- can put a dent in your wallet.

The survey found that those planning to throw a holiday soiree anticipate spending about $760 on drinks, food, and gifts for guests.

Millennials, however, expect to spend even more than other generations with a whooping cost of $981.

And in order to cover these expenses, 55% of millennials may take on debt for hosting a party.

In addition to food and drinks, home decor is also an added cost with a larger emphasis on interior decorations.

“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.”

However, it’s not the host that only incurs expenses as 65% of Americans bring gifts for a host when attending a holiday party.

And while giving gifts is a sweet gesture, it isn’t expected as only 10% of hosts (16% for millennials) say they are offended when guests don’t bring them a gift.

Those that do will spend $213 on gifts for the hosts of the parties they will attend. That number goes up to nearly $300 for millennials.

The majority of people believe a nice bottle of wine or other alcoholic beverages are appropriate gifts followed by baked goods and flowers.

Schulz offered some tips to avoid breaking the bank this holiday season including opening a 0% apr balance transfer card, sharing costs with others, and reusing decorations instead of buying new ones.

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