Survey: Almost half of consumers will increase their vacation spending

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Many shoppers plan to spend more money on the holidays in 2021 due to the impact of COVID-19 on their 2020 celebrations.

According to the first report on consumer spending from Affirm financial products and services company, 48% of 2,000 consumers surveyed said they plan to spend more money for the 2021 holiday season due to the pandemic dragging their 2020 vacation. Regardless of the pandemic, seven in ten respondents said they typically go over budget during the holidays.

More than half (54%) of those surveyed plan to spend more in 2021 than in 2020 on holiday experiences – like traveling or attending and hosting parties – rather than physical gifts to make this holiday season special. In fact, for 2021, the top gift respondents plan to give loved ones is a memorable experience (42%) – like tickets to a concert or sporting event – followed by electronics (29%), clothing ( 25%) and vacations (26%).

[Read more: Survey: 36% of holiday shoppers to increase spending, highest number since 2018]

Staying on budget is the number one concern of those surveyed when shopping for the holiday season (41%), followed by long-term debt (31%), shipping costs (28%), and late or hidden charges ( 26%). More than half of respondents say they are generally anxious about holiday shopping.

Six in 10 respondents (61%) no longer wait for the start of Black Friday and Cyber ​​Monday sales. One in five people started shopping in September, and almost a quarter (23%) said starting holiday shopping early is a good thing because they wish they had a better budget.

Major additional findings include:

  • Respondents plan to spend the most on their spouse – almost $ 400 on average and just over $ 300 for each immediate family member.
  • Top holiday gifts Americans hope to receive include vacations (27%), new clothes (26%), and gifts to create a memorable experience, like tickets to a concert or a sports game (24%).
  • More than seven in ten respondents (72%) plan to rely heavily on online shopping to avoid crowds, as 57% predict this year’s holiday shopping season will be busier than a normal year.
  • Fifty-six percent of those surveyed want to use a pay-per-time solution like Affirm for holiday purchases during the 2021 season. Of these, seven in 10 (69%) will use a pay-as-you-go solution. to help them stay on budget, even if they could pay for the item in full.

“In addition to being one step ahead of their holiday shopping, consumers are taking advantage of flexible payment solutions to help them spend responsibly this year. More than half of Americans are interested in using a pay-per-term solution for their holiday shopping this year and the majority (69%) will do so because they think it helps them improve their budget Said Silvija Martincevic, Commercial Director at Affirm. . “With Affirm, consumers can manage their vacation spending responsibly by dividing their purchases into simple bi-weekly or monthly payments. “

The online survey was conducted by OnePoll for Affirm in August 2021, with a sample of 2,000 Americans.


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