LendingTree Survey Finds Most Americans Waive Budgets for Holiday Shopping
More than 1 in 4 Americans (27.02%) racked up post-holiday shopping debt, but more than half plan to ditch a spending budget this season
According to the survey, 27.02 percent of Americans were saddled with holiday-related debt in the first few months of 2016, and 4.6 percent are still paying off last year’s shopping debt. However, this is an overall improvement from last year, where almost 31 percent welcomed the new year with holiday shopping debt.
Additionally, 21.1 percent of consumers say they will be shopping less in physical stores this holiday season, opting for more online options. This is an increase from the 17.7 percent of survey respondents who said they planned to shop less in physical stores in the 2015 Holiday Shopping Survey.
Mobile apps and ‘Cyber Monday’ promotions are also gaining popularity with holiday shoppers. Approximately 43 percent of consumers surveyed plan to use a mobile shopping app for at least part of their holiday purchases, which represents a 15.6 percent increase from last year. The deals and promotions available only for today, also known as Cyber Monday, are enticing 31.3 percent to shop online, which is an increase from the 26.11 percent who planned to do so last year.
Roughly two out of three shoppers (66.1%) estimate they will spend, in total, $500 or less on gifts during this holiday season. This represents a slight increase from the 64 percent who planned to do the same last year. However, Americans seem to be more financially secure since 10.83 percent said they expect to spend more money overall on holiday gifts this year compared to 2015, and 28 percent plan to buy gifts for co-workers. In comparison, only 8.24 percent expected to spend more money on gifts in 2015 compared to the prior year and only 25.5 percent planned to buy gifts for co-workers in 2015.
The 2016 LendingTree U.S. Holiday Shopping Survey was conducted online within the United States by SurveyMonkey on behalf of LendingTree between November 2 and November 10, 2016 among a nationally representative sample of 1,062 Americans aged 18 and up.
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