Consumer Behavior

Consumers cutting back on New Year's Eve spend

Photo by istock.com

December 20, 2021

When it comes to New Year's celebrations this year, two-thirds of Americans plan to spend less than when they rang in 2021, according to a WalletHub survey.

"Inflation is one big concern, and we're piling on credit card debt again like pre-pandemic times, despite concerns over Omicron," Jill Gonzalez, WalletHub analyst, said in a press release. "After the last couple years, there's reason for people to curb their enthusiasm when it comes to celebrating the promise of a new year."

Other findings include:

• 81% of Americans think inflation should be addressed in 2022.
• 36% of Americans said 2022 resolutions will be influenced by COVID-19.
• Almost 59% of Americans think New Year's resolutions will be harder to keep in 2022 than 2021.
• Seven in 10 people admit they've cheated on a New Year's resolution before.