LendingTree Holiday Shopping Survey Suggests Bigger Budgets, Selfless Spending and Mobile Shopping Among Parents this Holiday Season
According to the survey, the average holiday shopping budget across all age groups was
Additionally, 29 percent say they plan to spend more on holiday shopping in 2017 than they did in the 2016 holiday season. This data suggests Americans may be feeling more financially secure this year versus 2016, where only 11 percent of respondents expected to spend more on holiday shopping than the previous year.
Interestingly, men estimate that they will spend significantly outspend women this holiday season, with an average overall budget of
Season of Giving
The survey revealed that people are generally expecting to give more than they expect to receive during the holidays and have set relatively low expectations for receiving gifts. According the survey results, 23 percent of people don't expect their spouse or significant other to spend anything on them during the holidays, when in reality, only 10 percent of respondents say they don't plan to spend anything on their spouse or significant other. Lower expectations may translate to holiday gift surprises, with 51 percent expecting to spend
Men seem to be planning for more generous gift giving this year, with 65 percent expecting to spend at least
And what about splurging on a gift for yourself? Only 20 percent plan to spend
Parents are setting a low bar for their children's gift giving abilities in 2017, with 68 percent of parents expecting to receive no gifts from or on behalf of their kids.
Of course, parents plan to give graciously to their children this holiday season, despite expecting little in return. Most parents (80 percent) plan to spend at least
And in case there were every any questions, most families (79 percent) receive wrapped presents from Santa instead of unwrapped gifts.
A debit card is the primary form of payment for holiday shopping for 46 percent of respondents, as well as the primary form of payment for across all groups. Second to debit cards, 29 percent designated cash as their primary form of payment, and only 21 percent are primarily credit card users - although credit cards are considered more secure than cash or debit cards. A recent CompareCards by
Online and Mobile Shopping
Holiday shoppers continue to shift to online and mobile shopping. Respondents expect to do 50 percent of their shopping online and 34 percent of their shopping on their mobile phone. Millennials (age 35 and under) expect to do 40 percent of their shopping on their phone, the largest of any other age group. A recent survey by the
For more information on the study, visit https://www.lendingtree.com/finance/2017-holiday-shopping-survey/.
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