U.S. markets close in 5 hours 9 minutes
  • S&P 500

    4,268.75
    +26.91 (+0.63%)
     
  • Dow 30

    34,138.36
    +264.12 (+0.78%)
     
  • Nasdaq

    14,393.14
    +121.41 (+0.85%)
     
  • Russell 2000

    2,318.01
    +14.54 (+0.63%)
     
  • Crude Oil

    73.26
    +0.18 (+0.25%)
     
  • Gold

    1,783.70
    +0.30 (+0.02%)
     
  • Silver

    26.17
    +0.06 (+0.23%)
     
  • EUR/USD

    1.1927
    -0.0006 (-0.05%)
     
  • 10-Yr Bond

    1.4850
    -0.0020 (-0.13%)
     
  • GBP/USD

    1.3897
    -0.0067 (-0.48%)
     
  • USD/JPY

    110.8460
    -0.1160 (-0.10%)
     
  • BTC-USD

    33,958.10
    -1.31 (-0.00%)
     
  • CMC Crypto 200

    817.44
    +30.82 (+3.92%)
     
  • FTSE 100

    7,113.96
    +39.90 (+0.56%)
     
  • Nikkei 225

    28,875.23
    +0.34 (+0.00%)
     

Americans Plan to Spend Over $150 on Christmas Dinner — Here Are Smart Ways You Can Spend a Lot Less

With the holiday season in full swing, GOBankingRates asked Americans how much they expect to spend on hosting their Christmas dinner. According to the survey results, that amount is small compared with how much debt Americans incur during the holiday season.

Average Cost of Christmas Dinner: $152

According to the survey results, Americans plan to spend an average of $152 on the holiday meal. The first survey question asked, “How many people do you expect to attend your Christmas dinner?” The average number of dinner party attendees is approximately 11 people.

The second question asked whether respondents planned to pay for everything themselves, or if other attendees would be contributing. The breakdown of responses were quite clear: 64 percent of respondents said they’d pay for everything themselves, whereas only 36 percent said they planned to have others contribute.

When asked, “What steps do you take to save money on your Christmas dinner?” only one answer received more than half of responses: 55 percent said their strategy is to plan the menu ahead of time.

How Americans Save Money on Christmas Dinner

Planning menu before shopping

55%

Couponing

35%

Budgeting

28%

Asking people to contribute dishes to dinner

24%

Buying generic items

21%

Buying earlier and freeze food items to avoid Christmas markups

19%

Nothing

16%

Other

2%

*Respondents could select all that apply.

Related: 20 Clever Hacks to Save on Your Christmas Decor

In terms of what they plan to serve, Americans revealed an assortment of Christmas dishes. Neck-and-neck were mashed potatoes, which two-thirds of Americans plan to serve, and ham, which 65 percent said they’d prepare for dinner.

Here’s a glimpse of the full breakdown:

The Most Popular Dishes Served on Christmas

Dish

Percentage of People Serving This Dish

Mashed potatoes

66%

Ham

65%

Vegetables such as carrots, turnip, parsnips

52%

Turkey with stuffing

50%

Macaroni and cheese

49%

Green bean casserole

48%

Roasted potatoes

32%

Prime rib roast

30%

None of the above

5%

*Respondents could select all that apply.

See: Trump’s Trade War Will Make Your Holidays This Much More Expensive

How Much Americans Plan to Spend on Christmas Dinner, by Age and Gender

The overall average amount to be spent is $152, which is slightly more than what Americans spent on Thanksgiving dinner. Here’s a closer look at how much different age groups and genders plan to spend on Christmas dinner.

How Much Americans Spend on Christmas Dinner, by Age and Gender (Average)

Ages 18-24

$151

Ages 25-34

$210

Ages 35-44

$197

Ages 45-54

$126

Ages 55-64

$145

Ages 65+

$121

Men

$159

Women

$146

Overall

$152

According to the results, millennials (ages 25-34) and younger Generation X respondents (ages 35-44) plan to spend the most on Christmas dinner: $210 and $197, respectively. Older Gen Xers (ages 45-54) plan to spend just $126. Older baby boomers (ages 65 and older) plan to spend even less: just $121, the least amount in the survey.

How to Save on the Cost of Christmas Dinner

If your Christmas dinner budget is less than what the average American is planning to spend on it, consider using these strategies:

  • Use coupons and promotional offers.

  • Ask guests to bring a dish.

  • Choose dishes with cheaper ingredients.

  • Avoid purchasing premade items and cook from scratch instead.

  • Get started shopping early for the best prices.

Check out 50 more tips for saving money during the holidays.

More on Holidays and Saving Money

We make money easy. Get weekly email updates, including expert advice to help you Live Richer™.

Methodology: The GOBankingRates survey posed the following questions to 528 Americans: 1) “How many people do you expect to attend your Christmas dinner this year?”; 2) “When you do your Christmas dinner shopping this year, do you plan to pay for everything yourself or will other people contribute too?”; 3) “What steps do you take to save money on your Christmas dinner?”; 4) “Would you volunteer and serve food to the community instead of cooking your own Christmas dinner?”; 5) “On average, how much do plan to spend on Christmas dinner this year?”; 6) “What do you plan to buy and cook for Christmas this year?”

This article originally appeared on GOBankingRates.com: Americans Plan to Spend Over $150 on Christmas Dinner — Here Are Smart Ways You Can Spend a Lot Less