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The Collaborative International Dictionary
spending spree

Spree \Spree\ (spr[=e]), n. [Cf. Ir. spre a spark, animation, spirit, Gael. spraic. Cf. Sprack.] A merry frolic; especially, a drinking frolic; a carousal.

spending spree an incident in which one spends money freely; -- usually designating indiscreet or reckless spending on unneeded items.

Wiktionary
spending spree

n. A series of high-value purchases made in a short time.

WordNet
spending spree

n. a brief period of extravagant spending