Affirm Consumer Spend Report Reveals Americans’ Top Concern this Holiday Season is Staying on Budget
September 16 2021 - 12:00PM
Business Wire
Majority of Americans no longer wait for Black
Friday or Cyber Monday to start shopping; Over half agree they feel
pressured to overspend during the holidays
Seven in 10 Americans say they typically go over budget during
the holidays, according to new research from the first Affirm
Consumer Spend Report, Affirm’s look at what consumers are up
to—and where they're headed next. With many Americans eager to make
this year’s holiday season memorable, this year is no different.
Affirm discovered nearly half (48%) plan to spend more money this
year because they couldn’t celebrate like they normally would last
year.
More than half (54%) of Americans plan to spend more this year
on experiences — like traveling or attending and hosting parties —
over physical gifts to make this holiday season special. In fact,
this year, the top gift Americans plan to give to their loved ones
is a memorable experience (42%) – such as tickets to a concert or
sporting event – followed by electronics (29%), clothing (25%) and
a vacation (26%). The top gift Americans hope to receive is a
vacation.
Amidst the holiday celebratory excitement and anticipated
increase in spending, the survey revealed finances are more
top-of-mind than ever, especially when it comes to the biggest
holiday stressors. Staying on budget is Americans’ top concern
(41%) – followed by incurring long-term debt (31%), shipping costs
(28%) and being charged late or hidden fees (26%). What’s more,
over half of Americans say they typically have anxiety over holiday
shopping.
To help ease holiday financial pressures, consumers are getting
a head-start on their holiday shopping with the majority (61%)
agreeing they no longer wait for Black Friday and Cyber Monday
sales to start. One in five started their shopping in September,
with nearly a quarter (23%) explaining that it’s because they want
to better budget.
“In addition to getting a head start on their holiday shopping,
consumers are taking advantage of flexible payment solutions to
help them spend responsibly this year. Over half of Americans are
interested in using a pay-over-time solution for their holiday
shopping this year and the majority (69%) will do so because they
believe it helps them better budget,” said Silvija Martincevic,
Chief Commercial Officer at Affirm. “With Affirm, consumers can
responsibly navigate holiday spending by spreading out their
purchases into simple biweekly or monthly payments.”
Additional key findings include:
- Americans plan to spend the most on their significant other –
nearly $400, on average, and just over $300 for each immediate
family member
- The top holiday gifts Americans hope to receive include a
vacation (27%), new clothing (26%), and gifts to create a
memorable experience, such as tickets to a concert or sports game
(24%)
- 72% of respondents plan to rely heavily on online shopping to
avoid crowds, as 57% anticipate that this year’s holiday shopping
season will be busier than a typical year
- More than half (52%) are worried about having to make small
talk with friends and family at holiday parties because they
haven’t been around people for so long; 46% agree that they need to
brush up on small talk skills ahead of the holiday season
- 56% of Americans are interested in using a pay-over-time
solution like Affirm for holiday shopping this year; of those, 69%
will use a pay-over-time solution to help keep them on budget (even
if they could pay for the item in full)
With Affirm, eligible consumers can shop for holiday gifts and
essentials, book travel and more while paying at their own pace,
with budget-friendly terms that allow them to pay monthly or every
other week. Shoppers can explore nearly 12,000 Affirm merchants,
including:
- Apparel: Bonobos, Ulla Johnson, rag & bone
- Home: West Elm, Design Within Reach, Article, Room &
Board
- Electronics: Target, Walmart, Dyson
- Travel & Experiences: StubHub, Vrbo, Delta
Vacations, Expedia
About the Survey The online survey was conducted by
OnePoll for Affirm in August 2021 with a sample of 2,000
Americans.
About Affirm Affirm’s mission is to deliver honest
financial products that improve lives. By building a new kind of
payment network — one based on trust, transparency and putting
people first — we empower millions of consumers to spend and save
responsibly, and give thousands of businesses the tools to fuel
growth. Unlike credit cards and other pay-over-time options, we
show consumers exactly what they will pay up front, never increase
that amount, and never charge any late or hidden fees. Follow
Affirm on social media: LinkedIn | Instagram | Facebook |
Twitter.
Payment options through Affirm are subject to an eligibility
check, may not be available in all states, and are provided by
these lending partners: affirm.com/lenders. CA residents: Loans by
Affirm Loan Services, LLC are made or arranged pursuant to a
California Finance Lender license.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210916005630/en/
Press Contact Brittany Jackson press@affirm.com
650-398-2715
Affirm (NASDAQ:AFRM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Affirm (NASDAQ:AFRM)
Historical Stock Chart
From Apr 2023 to Apr 2024