In Case You Missed It - Travel and Food Will Make the Holidays More Expensive

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ICYMI: Travel and Food Will Make the Holidays More Expensive

In case you missed it, your holiday season will be pricier this year, thanks to big jumps in the costs of travel and food, according to a new analysis from The Balance.

If you are getting on a plane to see your loved ones this year, you'll be paying 43% more than you did last year. Going by car won't help you save much either; fuel costs have increased by 17% since 2021.

Even if you stay at home, your holiday meal will cost more—the price of turkey and cookies have jumped nearly 17% since last year. Other holiday favorites like eggnog are 8% more expensive.

Trimming the tree will also get pricier, as the cost of real trees has leapt 10% since this time last year. This makes purchasing a fake tree the cheaper option in the long run.

But for shoppers looking for presents, there is good news. The cost of buying gifts hasn't kept up with the pace of inflation, and in some instances, actually dropped since last year. Toys cost 6.7% more than last year, while cosmetics are nearly 5% pricier. Jewelry prices only jumped 2% since 2021.

And for the electronics lover in your life, you might be able to buy some presents and save some cash this year. The cost of computers dropped more than 3% since last year, while the price of smartphones has declined a staggering 23%.

- Kristin

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Term of the Day

Holiday Loan

A holiday loan is a type of personal loan that's used for holiday-related expenses. These loans are offered by banks, credit unions, and online lenders.

A holiday loan has a fixed interest rate, fixed monthly payment, and a set loan term, typically offering a predictable repayment schedule from six months to five years. Some lenders may charge an upfront origination fee to cover the costs of creating the loan.

Depending on the lender, you may be able to borrow up to $5,000 to purchase gifts for loved ones or to pay for other holiday expenses like festive meals and plane tickets.

Off the Charts

Inflation is affecting daters too. A new survey by The Balance found that more than a third of respondents said dating is getting costlier this year compared to last year. More than 40% of higher income earners say they spend more on outings this year. While some (27%) said they are spending less now than they were last year, 12% of daters said they are spending less because of a worse financial situation. That's up from 9% last year.