CHARLOTTE, N.C., Nov. 2, 2021 /PRNewswire/ -- This year's
upcoming holiday shopping season is filling nearly half of
consumers with dread, according to a LendingTree survey of more
than 2,000 Americans.
The main reasons why involve the anticipated costs of presents
and festivities, as well as the pressure to purchase gifts. In
fact, stress levels are so high that about a quarter of Americans
say they're even losing sleep worrying about how they'll afford
holiday spending this year.
Key findings
- Nearly half (48%) of consumers are dreading the holidays due
to the costs associated with them. Specifically, 40% are
dreading Christmas and 13% are dreading Thanksgiving.
- With this year's season looming, 13% of consumers are still
paying off last year's holiday bills. The percentage is even
higher among parents with young kids, with more than 1 in 5 still
grappling with balances from last year's toy haul.
- Debt expectations are up from last year, too, with 41% of
Americans saying it's at least somewhat likely they'll incur
holiday shopping debt this year, compared to 31% who said the
same last year.
- Gift-giving pressure is real, as per 40% of Americans who
say they feel obligated to purchase gifts for at least one person,
most commonly family (23%). Gen Zers and millennials are
feeling pressure more than other age groups.
- The stress level is so high that about a quarter (24%) of
consumers say they are losing sleep worrying about how to pay for
the holiday season. That jumps to 36% among parents with kids
under 18.
- On average, Americans plan to shell out $792 on gifts this holiday season. Parents
with kids under 18 will expect to spend even more, up to
$1,105 on average.
"It's definitely normal to dread the holidays because of how
costly they are. However, there's no question that for some
Americans, this holiday season will be even harder," says
Matt Schulz, chief credit analyst at
LendingTree. "Not only have millions had their financial lives
flipped upside down by the pandemic, but this year has introduced a
growth in inflation. It's a really bad time to have everything cost
more."
To view the full report,
visit: https://www.lendingtree.com/credit-cards/study/holiday-shopping-sentiments-survey/.
Methodology
LendingTree commissioned Qualtrics to
conduct an online survey of 2,036 U.S. consumers from Sept. 23 to Sept. 30, 2021. The survey was
administered using a nonprobability-based sample, and quotas were
used to ensure the sample base represented the overall population.
All responses were reviewed by researchers for quality control.
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 loans, insurance, credit cards and more. Through the
LendingTree platform, consumers receive free credit scores, credit
monitoring and recommendations to improve credit health.
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
MEDIA CONTACT:
Morgan
Lanier
morgan@lendingtreenews.com
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SOURCE LendingTree