CHARLOTTE, North Carolina, November 2, 2021 / PRNewswire / – The upcoming holiday shopping season this year fills with terror nearly half of consumers, according to a LendingTree survey of more than 2,000 Americans.
The main reasons involve the anticipated costs of gifts and festivities, as well as the pressure to buy gifts. In fact, stress levels are so high that about a quarter of Americans say they even lose sleep worrying about how they’re going to afford vacation spending this year.
- Almost half (48%) of consumers dread vacations because of the costs associated with it. Specifically, 40% dread Christmas and 13% dread Thanksgiving.
- As this year’s season approaches, 13% of consumers are still paying their vacation bills from last year. The percentage is even higher among parents with young children, with more than one in five struggling with last year’s toy transport sales.
- Debt expectations are also up from a year ago, with 41% of Americans saying it’s at least fairly likely that they will incur holiday shopping debt this year, compared to 31% who said the same thing last year.
- The pressure on gifts is real, according to 40% of Americans who say they feel pressured to buy gifts for at least one person, most often family (23%). Gen Z and millennials feel more pressure than other age groups.
- The stress level is so high that about a quarter (24%) of consumers report losing sleep when wondering how to pay for the holiday season. This climbs to 36% among parents of children under the age of 18.
- On average, Americans plan to spend $ 792 on gifts this holiday season. Parents of children under 18 will expect to spend even more, up to $ 1,105 on average.
“It is quite normal to dread the holidays because of their high cost. However, there is no doubt that for some Americans this holiday season will be even more difficult,” said Matt Schulz, Chief Credit Analyst at LendingTree. “Not only have millions of people seen their financial lives shattered by the pandemic, but this year has introduced growing inflation. It’s a terrible time for everything to cost more.”
To view the full report, visit: https://www.lendingtree.com/credit-cards/study/holiday-shopping-sentiments-survey/.
LendingTree commissioned Qualtrics to conduct an online survey of 2,036 U.S. consumers from Sep 23 to Sep 30, 2021. The survey was administered using a non-probability sample, and quotas were used to ensure that the sample frame represented the overall population. All responses were reviewed by researchers for quality control.
LendingTree (NASDAQ: TREE) is the nation’s leading online marketplace that gives consumers the choices they need to be confident in their financial decisions. LendingTree allows consumers to purchase financial services the same way they would buy airline tickets or hotel stays, by comparing multiple offers from a nationwide network of over 500 partners in a single search, and can choose the option that best suits their financial needs. Services include mortgages, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the LendingTree platform, consumers receive free credit scores, credit monitoring, and recommendations to improve their credit health. LendingTree proactively compares consumer credit accounts to offerings in our network and notifies consumers when there is an opportunity to save money. In short, LendingTree’s goal is to help simplify financial decisions for important times in life through choice, education, and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, visit www.lendingtree.com, call 800-555-TREE, like our Facebook page and / or follow us on Twitter @LendingTree
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