There is no question that Christmas will be different this year. Will consumers open up their wallets as in past Christmases? I guess the bigger question is will consumers open up their credit cards? Let’s face it, personal finances are vastly different today as a whole than last Christmas. Wallethub.com did an interesting survey that gives us a glimpse into what people are thinking. Here are the results:
1 in 3 people are going to foregoing holiday gifts this Christmas season due to COVID
That is probably a pretty accurate statistic. I think that there will be a lot of people rethinking holiday gifts this year.
45% of people will start shopping earlier this year
That indicates to me that those who are giving gifts are going to be more strategic looking for ways to save money. The only way to do that is to plan ahead rather than waiting until the last minute.
77% of people will do their shopping online this year
That higher than normal percentage is either a sign of the death of brick and mortar retail stores or a function of COVID.
23% of people will give masks as gifts this year
For anyone that is thinking about giving me a gift, please don’t be one of the 23%.
60% of all people say that they will pay their Christmas bills by the due date
The one good thing about COVID is that it is teaching us to be better about spending money and debt.
Almost 41 million Americans have credit card debt from last Christmas
Last year, if the consumer was planning to pay off credit card bills during the first quarter, COVID got in the way.
COVID is definitely forcing America to re-think how they approach the most expensive time of the year. During this giving season plan ahead and be organized with your gift buying. You will be glad that you did.