A recent survey by The Harris Poll, conducted for the American Institute of CPAs (AICPA), suggests that many Americans are preparing for a holiday season marked by financial caution, increased borrowing, and anxiety over expenses. 

According to the findings, 42% of those planning to spend on gifts, travel, or entertaining during the holidays estimate they will exceed $1,000 in total costs.  

Half expect their spending to stay at or below $1,000, while 8% remain uncertain about their final outlay. 

Plans to reduce spending compared to last year are common: 36% of respondents buying gifts and 35% of those travelling for the holidays intend to cut back.  

The survey revealed that one in four Americans generally set a holiday budget, many admit they are unlikely to follow it this year.  

This trend is especially evident among adults aged 18–34, with 33% expressing doubts about sticking to their budget; only 16% of those over 55 voiced similar concerns. 

Almost half (47%) anticipate going into debt because of seasonal spending.  

The likelihood of incurring debt is higher among men (52%) than women (42%). 

The survey said, 79% of holiday shoppers and travellers plan to use credit cards for their purchases.  

However, 52% do not expect to pay off their entire balance when the bill arrives with 17% noted that it will take more than six months to settle their holiday-related debts. 

To manage repayments, 36% of those expecting debt plan to use instalment services such as Klarna, Affirm or Afterpay and 30% hope to use a tax refund to help clear their balances. 

Rising costs for essentials such as groceries, fuel and utilities are cited by 25% of respondents as obstacles to paying down holiday debt.  

The emotional impact of overspending is also significant: 39% report past regret over excessive holiday purchases. 

The survey was carried out online from October 28–30, 2025, with responses from 2,084 US adults aged 18 and over. 

AICPA Personal Financial Planning director Dan Snyder said: “The 2025 holiday season could see many Americans balancing the desire to celebrate with the reality of financial strain. 

“Economic uncertainty may lead Americans to cut back on holiday spending and nearly half of those who plan to spend on holiday gifts/travel expect to incur holiday debt.” 

Snyder added: “When spending is driven by emotions rather than a plan, it can get out of hand.”