#Americans #plan #spend
Americans are planning to spend an average of $115 on Super Bowl Sunday this year, an increase of 31% from 2022’s average of $88, according to a recent survey from LendingTree of 2,008 U.S. consumers ages 18 to 77.
This year, six-figure earners plan to spend the most on the game, at an average of $246. Parents with children younger than 18 ($204) and millennials ($176) also top the list of biggest spenders.
Members of Generation Z (ages 18 to 26) plan to increase their spending, with 30% indicating they will spend more on the Super Bowl this year than last year. Conversely, 23% of millennials (ages 27 to 42) plan to spend less on this year’s game. Baby boomers are most likely to maintain their budget, with 73% expecting to spend the same amount as they did in 2022.
Americans will not only boost their overall spending, but will also increase the sizes of their watch parties and betting activities, the survey data shows.
Let’s take a look at what they’re spending on.
Although 52% of Americans plan to watch the game from home, 20% plan to host watch parties, up 82% from 2022. Parents with children under 18 and members of Gen Z top the list of those most likely to host this year, at 26% and 24%, respectively.
This increase demonstrates Americans’ continued return to normalcy following the height of the Covid pandemic as more people return to the time-old tradition of watching football with their family and friends.
Generally, 66% of American consumers will be spending their money on food and drinks for the game.
Other popular purchases include clothing or accessories (17%), decorations (12%), streaming subscriptions for game access (10%) and electronic equipment like speakers or a projector (7%), according to LendingTree.
Gen Zers, among those most likely to host this year, plan to make several game-related purchases: 18% plan to purchase a streaming service to watch the game and 14% plan to buy electronic equipment.
As sports betting has become legalized across dozens of states, more Americans are planning to get in on the action. Nearly 40% are planning to bet on the game, up 30% from last year. However, participants largely do not plan to wage big money. Only 37% plan to bet $100 or more.
Of those placing bets, 64% will place them between friends and family, while 49% plan to use gambling websites or apps. It appears some people plan to do both.
American bettors differ on what they plan to put money on this year: 14% will bet on the final score between the Eagles and the Chiefs, 11% will place a parlay bet, 7% will bet on the coin toss and 6% will place bets on the game’s related entertainment.
While 72% of Americans would rather bet on the Super Bowl game itself, 28% prefer to wager on the 2023 Puppy Bowl.