One third of holiday shoppers intend to reduce the number of gifts they plan to buy this year, according to a recent survey of readers of The Balance newsletter. The results showed that 30% of participants confirmed that their overall gift list is smaller compared to last holiday season.
Travel Cutbacks Impact Gift Giving
More than half of survey participants confirmed that they typically travel during the holidays, but only 17% plan to travel to see loved ones this year, while 9% said they are uncertain about their travel plans. The Centers for Disease Control and Prevention (CDC) in the United States has advised postponing all travel, noting that travel can increase the spread of COVID-19. The CDC stated, “Postponing travel and staying home is the best way to protect yourself and others.”
COVID-19 Inspires Generosity
While some of our readers are cutting back on spending this year, others have decided to increase their holiday budgets. One in five survey participants confirmed that they plan to spend more money this season. When asked why, the most common response was, “I want to be more generous this year.”
How People Plan to Pay for Gifts
Regarding payment methods, more than half of our readers plan to use credit cards to pay for gifts, and nearly a fifth plan to dip into their savings. Among those who intend to use credit cards, 77% plan to pay off their balance immediately, while 18% plan to carry a balance. Cashback cards remain popular among holiday shoppers, representing nearly half of all credit card users who responded to the survey.
Survey Methodology
This survey was conducted from November 20, 2020, to December 8, 2020. Respondents were newsletter subscribers (U.S., 18+) who intended to purchase gifts this season. Age: Gen Z 3% | Millennials 25% | Gen X 30% | Boomers or Older 42%. Region: Midwest 23% | South 31% | West 23% | Northeast 23%. Gender: Male 23% | Female 74% | Non-binary/Self-describe 1%. Background: White 73% | African American/Black 8% | Hispanic/Latino 7% | Asian or Pacific Islander 6% | Native American or Alaskan 1% | Mixed race 3%.
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Sources: The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts in our articles. Read our editorial process to learn more about how we verify facts and maintain the accuracy, reliability, and quality of our content.
Centers for Disease Control and Prevention. “Domestic Travel during the COVID-19 Pandemic.”
Source: https://www.thebalancemoney.com/holiday-shoppers-cut-back-spending-5092192
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