BELLEVUE, Wash., Dec. 2, 2015 /PRNewswire/ -- A new holiday
shopping survey, released today by Coinstar, found that 62 percent
of Americans who set a holiday budget go over their limit by an
average of $140. This marks a 20
percent increase from what people estimated they would overspend
last year.
In order to buy gifts for everyone on their list, 66 percent of
shoppers find they need to cut back on things they enjoy like
dining out (43 percent) and entertainment (42 percent), or even
take on credit card debt (27 percent) or purchase an item on
layaway (22 percent). Not only do people have to sacrifice before
the holidays, but this overspending leads to post-holiday money
issues, too. Americans reported they find themselves saving less
money (20 percent), having to set a budget (19 percent) or dealing
with debt (18 percent) in the first few weeks after the
holidays.
"The holidays can be a stressful time of the year, particularly
when it comes to money," said Andrea
Woroch, a nationally recognized consumer and money saving
expert. "Fortunately, there is hidden money throughout most homes
in the form of coins and gift cards that can help people avoid
taking on debt because of their over-spending."
Coinstar offers two options to help people instantly turn the
coins and gift cards they have around the house into cash so they
can keep their finances on track and enjoy themselves before,
during and after the holidays.
- The green Coinstar® kiosks make it simple for consumers to
convert coins to cash or no-fee eGift Cards. The majority of survey
respondents (88 percent) estimate they have $29 in spare change, but Coinstar's own
nationwide kiosk data indicates people cash in an average of
$62 when they convert their coins to
no fee eGift Cards – more than double what survey respondents
believed they had. With approximately 17,000 locations in the U.S.,
91 percent of the population lives within five miles of a Coinstar
kiosk, making it easy and convenient to cash in coins.
- The bright yellow CoinstarTM Exchange kiosks offer
instant cash for consumers looking to sell gift cards. According to
the National Retail Federation, 58 percent of people would like to
receive a gift card during the holidays, but Coinstar's survey
revealed 37 percent of people haven't used the gift cards they have
received as holiday gifts in the past – leaving extra cash sitting
in their wallets and drawers. Coinstar Exchange kiosks are
conveniently located at grocery retailers in major U.S.
cities.
Additional survey findings include:
- Credit card use grows: Gifters are nearly 20 percent
more likely to use credit cards instead of cash or gift cards to
pay for their holiday gifts this year (49 percent in 2015 vs. 41
percent in 2014).
- Budgeting needs for the younger crowd: More than twice
as many people ages 18-34 admit they need to set a budget after the
holidays when compared to people over the age of 35 (30 percent vs.
14 percent).
- Millennials are making sacrifices: Eighty percent of
people ages 18-34 admitted to needing to make trade-offs to ensure
they can purchase gifts for everyone on their list, while 47
percent of people that age need to use credit cards to pay for
their presents.
To learn more or locate the nearest Coinstar and Coinstar
Exchange kiosks, go to coinstar.com/kioskfinder. For additional
survey findings or to request high-resolution images, b-roll of
Coinstar or Coinstar Exchange kiosks or a holiday infographic,
please contact coinstarpr@edelman.com.
About Coinstar and Coinstar Exchange
More than 20
years ago, Coinstar simplified the coin-counting process for
people, and we continue making it easy for our customers to
transform what they have into what they want with Coinstar® and
Coinstar TM Exchange kiosks. We own and operate the only
multi-national, fully automated network of more than 20,000
self-service coin-counting kiosks. Our Coinstar kiosks process more
than $3 billion in coins annually as
consumers in the United States,
Canada, Puerto Rico, Ireland and the United Kingdom convert coins to cash or no fee
eGift Cards, or donate coins to charity right from the kiosk with
our Coins that Count™ program. With Coinstar Exchange, consumers
can instantly exchange gift cards for cash in major U.S. cities at
grocery retailers where people already shop. For more information
on Coinstar or Coinstar Exchange, visit www.coinstar.com. For
information on Outerwall Inc. (Nasdaq: OUTR), the company behind
Coinstar, visit www.outerwall.com.
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SOURCE Coinstar