Here's how much millennials are willing to spend on a New Year's night out

Todor Tsvetkov | Getty Images

Millennials love to splurge on experiences. They're often more willing to spend their hard-earned dollars on making memories than on buying tangible things.

New Year's Eve is no exception. For a fun night out to celebrate the start of 2020, millennials (defined here as those 23 to 38) are willing to spend an average of $228.10, according to a recent survey from ticketing site Eventbrite. The poll was conducted online from Dec. 5 to Dec. 9, 2019, with 2,086 U.S. adults 18 or older.

Even though millennials are known to spend less than previous generations, the amount they're willing to put toward a New Year's outing is about $42 more than the average amount Americans as a whole say they're willing to spend, $185.60.

Millennials' willingness to splurge may have to do with how straining 2019 tended to feel for people, the study found.

Nearly 70% of millennials reported that 2019 was more stressful than years prior. But when looking at Americans as a whole, only 57% say this past year was more stressful than most.

Sources of anxiety likely include health care, the political climate and mass shootings, which Americans reported as some of the most common causes of their stress, according to a 2019 study from the American Psychological Association.

Source: Eventbrite

It isn't just millennials who value making this year's holiday extra special. In addition to being willing to spend hundreds on a night out, 51% of Americans surveyed said they'd be OK travelling to a different city to celebrate and 45% of participants are open to spending more than they normally would on "a memorable" New Year's Eve.

That could be because they're feeling positive about what 2020 will bring. According to Eventbrite's survey, 73% of Americans feel "more optimistic" going into 2020 than they did going into 2019.

Millennials, in particular, agree. An overwhelming 80% say the same thing regarding their hopeful views for 2020.

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