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Experian (OTC:)'s annual shopping survey found that most consumers are tempted by sales
COSTA MESA, Calif.--(BUSINESS WIRE)--Holiday shoppers are making their gift lists and checking them twice, but most are feeling the temptation to overspend before they even start their shopping. According to a national consumer survey from Experian, 89 percent of consumers are tempted to spend more than they should even though 68 percent said inflation is affecting their holiday shopping.
Deals, sales and gifts lure shoppers
The majority (94%) of respondents said they would be tempted to purchase an item not on their shopping list but that catches their eye as being on sale. Additionally, 63 percent of all respondents said that it is difficult to reject the temptation to spend on gifts and experiences.
The holiday season is a time for giving, and that's reflected in the top category that consumers feel the most tempted to spend on “ 47 percent of survey respondents say gifts for others. In fact, among respondents who said they overspend on holiday shopping, 3 out of 4 say they typically overspend on gifts for others followed by things they don't need because they are on sale (27%) and going out to eat with friends and family (25%).
Consumers are especially enticed to spend by in-store sales and discounts (78%), Black Friday deals (70%) and browsing online (65%).
The holiday season might be the most wonderful time of the year, but overspending can cause consumers to feel less jolly than usual, said Rod Griffin, senior director of Consumer Education and Advocacy at Experian. With a budget and plan in place, holiday shoppers can avoid temptation and jingle all the way to the new year without a financial headache.
Consumers are making financial plans for the new year
While they may be expecting to spend more this year, holiday shoppers are also making plans to better help them manage their finances. Sixty-nine percent of consumers are more motivated to improve their finances in preparation for the holiday season, the highest their motivation has been in several years. Fifty-four percent of consumers said they will set aside money for gifts and 43 percent will tighten their budgets as a way to prepare for holiday shopping. They're also looking ahead to the new year, with 43 percent of respondents saying that paying off debt is their top financial improvement step they plan to take before 2025.
As holiday shoppers look towards the end of the year, here are a few tips they can use to make their financial situation merrier.
- Trim your tree and expenses with a holiday budget: Creating a budget is crucial to prevent overspending and impulse purchases. Consumers should review their income, expenses and bills to determine how much they can spend on holiday shopping, then use their budget to ensure they don't overextend themselves.
- Leverage free resources that can ring in savings: Holiday shoppers can leverage a free Experian membership with features and tools that may help them find ways to save money including access to the Experian Marketplacei. Here they can explore tailored credit card offers based on their credit profile that may offer cash back rewards or other perks to use toward holiday expenses.
- Shop early to help keep the season bright: It may already be November but holiday shoppers can still start their shopping sooner rather than later. By starting early, they may be able to take advantage of better deals, avoid paying more for rush orders and spread out their expenses so they don't feel overwhelmed by their purchases.
For more information on the Experian Marketplace and to find the right credit card, consumers can visit www.Experian.com/credit.
About Experian
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a company listed on the London Stock Exchange (LON:) (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.
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i Based on FICO ® Score 8 model. Offers and approval not guaranteed. Eligibility requirements and terms apply. Subject to credit check which may impact your credit scores. Offers not available in all states. Marketplace Licenses and Disclosures.
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Sandra Bernardo
949 529 7550
[email protected]
Source: Experian
English (US)