CHARLOTTE, N.C., Sept. 17, 2018 /PRNewswire/ -- CompareCards
by LendingTree today released the findings of its survey on holiday
shopping and debt. With just under 100 days until Christmas, the
survey found that among U.S. credit card holders, men were three
times more likely to report they were finished or nearly finished
with their shopping by Labor Day than women, and twice as likely as
women to report they'll spend "much" more money this holiday season
than last.
Around one in six men report they are either finished or close
to finished with their holiday shopping. Comparatively, the survey
found only one in seven U.S. credit card holders overall say they
are finished or close to finished with their holiday shopping.
"I was stunned that men were so much more likely than women to
already be done with their holiday shopping," said Matt Schulz, Chief Industry Analyst at
CompareCards. "For years, we've stereotyped guys as starting their
holiday shopping at the last possible minute and scrambling to find
whatever they can to put under the tree. This survey shatters that
myth. There certainly are still those who wait until the last
minute, but an awful lot of men are way more ahead of the game than
you'd expect."
Most holiday shoppers don't mind the last-minute rush
Thirty-nine percent of American credit card holders don't start
holiday shopping until after Thanksgiving, and 35 percent of people
said they start shopping between Thanksgiving and December 15.
Younger shoppers are more likely to get a head start, with 18
percent of people 53 or younger done or nearly done with their
shopping already, compared to just 4 percent of those 54 and
older.
The more money you make, the earlier you start holiday shopping.
The wealthiest credit card holders are much more likely to have
completed their holiday shopping. Of those earning $100,000 or more annually, 17 percent are
finished shopping. In contrast, just 5 percent of those making less
than $100,000 a year are
finished.
Nearly 40 percent will spend more this holiday season than
last; more than half will pay their holiday debts in a month or
less
A net 16 percent of credit card holders say they'll spend more
this holiday season than last; 37 percent said they'll spend more,
while 21 percent said they'll spend less.
More than half of Americans (54 percent) say they'll pay their
holiday shopping debts off in a month or less; only 8 percent say
it will take six months or more.
Americans split in their preference of shopping online vs. in
stores
Americans are pretty evenly split in their preference of
shopping online vs. in stores: 27.1 percent shop most in stores,
26.5 percent shop most online, 46.4 percent say they're equally
split between the two.
The wealthier and more educated are more likely to shop
online. Thirty-seven percent of those earning $100,000 or more annually said they do most of
their shopping online. Preference for online shopping fell with
income. Meanwhile, 28 percent of respondents with a college degree
said they preferred to shop online vs. 25 percent of those with
some college education and 21 percent of those with only a high
school degree.
To view the full report, visit:
https://www.comparecards.com/blog/early-holiday-shopping-survey/.
Methodology
CompareCards by LendingTree commissioned
Qualtrics to conduct an online survey of 1,049 Americans with at
least one credit card, with the sample base proportioned to
represent the general population. The survey was fielded
September 6-7, 2018, and the margin
for error for all respondents is +/- 3%.
About LendingTree
LendingTree (NASDAQ: TREE) is the
nation's leading online marketplace that connects consumers with
the choices they need to be confident in their financial decisions.
LendingTree empowers consumers to shop for financial services the
same way they would shop for airline tickets or hotel stays,
comparing multiple offers from a nationwide network of over 500
partners in one simple search, and can choose the option that best
fits their financial needs. Services include mortgage loans,
mortgage refinances, auto loans, personal loans, business loans,
student refinances, credit cards and more. Through the My
LendingTree platform, consumers receive free credit scores, credit
monitoring and recommendations to improve credit health. My
LendingTree proactively compares consumers' credit accounts against
offers on our network, and notifies consumers when there is an
opportunity to save money. In short, LendingTree's purpose is to
help simplify financial decisions for life's meaningful moments
through choice, education and support. 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.
About CompareCards:
CompareCards' mission is to help
people make smarter, more informed, healthier financial decisions
based on deeper knowledge of financial offers. Each month, over 2.9
million visitors come to CompareCards' website to independently
compare credit cards side-by-side and choose a credit card based on
interest rate, reward benefit, cost savings, and other factors that
are important to each person. CompareCards provides easy-to-use,
objective tools and educational resources that help people do
everything from making credit card comparisons to managing their
credit health. For more information, please visit
www.comparecards.com.
MEDIA CONTACT:
Megan Greuling
704-943-8208
Megan.greuling@lendingtree.com
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