POLLING: ‘Tis The Season for Financial Stress?

With an estimated 119 million people traveling at least 50 miles from home between December 21 and New Year’s Day, travel costs along with the cost of holiday meals and gifts have begun to add up. This year, many are opting to cut back due to economic pressures.

We already took a first look at our most recent polling from December. Now, we’re unpacking some additional insights into the holiday spending trends of Massachusetts residents.

According to our survey, more than one in three Massachusetts voters (36 percent) say they plan to spend less than last year on gifts. For those in households with children, that rises to 42 percent.

Age also plays a factor. A majority of Gen Z voters that we polled (51 percent) plan to spend under $500 on gifts this year, while 37 percent of Millennials and 28 percent of Gen Xers plan on spending less than $500 on gifts.

Shifting gears, we also asked Massachusetts residents about what they’d like to see state leaders address in the New Year. Not surprisingly, concerns about costs during the holidays carried over into 2025 priorities for all ages. Reducing the state’s high cost of living was the most important priority for 56 percent of Gen Zers, 61 percent of Millenials, and 58 percent of Gen Xers.

Considering parents were more likely to trim their holiday gift budgets this year, it’s no surprise parents were also more likely to respond (56 percent) that reducing the state’s cost of living was their top priority for state lawmakers in 2025.

The holiday season remains a time of joy and generosity, but the economic realities of 2024 have prompted many Massachusetts residents to reevaluate their spending habits. With rising costs of living impacting household budgets, the data reveals a clear trend toward fiscal responsibility.