CHARLOTTE, N.C., Nov. 16, 2017 /PRNewswire/ -- LendingTree®,
the nation's leading online loan marketplace, recently conducted
its Holiday Shopping Survey among 1,050 Americans aged 25 to 55
with at least one child. The results show that people generally
expect to give more than they expect to receive, and although only
55 percent of respondents have a set budget this holiday season, 76
percent plan to spend the same amount or more on holiday shopping
compared to last year.
Holiday Budgets
According to the survey, the average holiday shopping budget
across all age groups was $943,
although 45 percent of respondents say they don't have a set budget
for holiday shopping this year. Holiday budgets may be gaining
popularity, since LendingTree's 2016 holiday survey found that 56
percent of respondents planned to shop for the holidays without a
pre-set budget.
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 $2,191 for men compared to just
$776 for women.
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 $100 or
more on their significant other, while only 43 percent expect their
significant other to spend the same on them.
Men seem to be planning for more generous gift giving this year,
with 65 percent expecting to spend at least $100 on their spouse/significant other, compared
to only 49 percent of women who expect spend the same.
And what about splurging on a gift for yourself? Only 20 percent
plan to spend $100 or more on
themselves this season.
Family Gifting
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 $100 per child this year while 37 percent of
parents plan to spend at least $250
per child. Although 62 percent of parents say they try to
spend the same amount on each child, younger children have a slight
advantage with 12 percent of parents admitting to spending more on
younger children and only 6 percent of parents use a child's
behavior to dictate how much money is spent on their gifts.
And in case there were every any questions, most families (79
percent) receive wrapped presents from Santa instead of unwrapped
gifts.
Payment Methods
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 LendingTree survey found that 66
percent of Americans think debit cards are as safe or safer
than credit cards for payments, when in fact debit cards don't
offer the same consumer protections as credit cards.
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 National Retail Federation
<https://nrf.com/media/press-releases/nrf-consumer-survey-points-busy-holiday-season-backs-economic-forecast-and>
found 59 percent of consumers plan to shop online this year, the
first time in the NRF's survey history that online is the most
popular shopping destination.
For more information on the study, visit
https://www.lendingtree.com/finance/2017-holiday-shopping-survey/.
Methodology:
The 2017 LendingTree Holiday Shopping Survey was conducted
online within the United States by
Qualtrics on behalf of LendingTree between
November 9 and November 10, 2017 among a sample of 1,050
Americans aged 25 to 55 with at least one child.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online loan
marketplace, empowering consumers as they comparison-shop across a
full suite of loan and credit-based offerings. LendingTree
provides an online marketplace which connects consumers with
multiple lenders that compete for their business, as well as an
array of online tools and information to help consumers find the
best loan. Since inception, LendingTree has facilitated more than
65 million loan requests. LendingTree provides free monthly credit
scores through My LendingTree and access to its network of over 500
lenders offering home loans, personal loans, credit cards, student
loans, business loans, home equity loans/lines of credit, auto
loans and more. LendingTree, LLC is a subsidiary of LendingTree,
Inc. For more information go to www.lendingtree.com, dial
800-555-TREE, like our Facebook page and/or follow us on Twitter
@LendingTree.
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SOURCE LendingTree