![]() With how normalized and convenient online shopping has become over the years, it comes as no surprise that the use of buy now, pay later e-commerce services is on the rise. Buy now, pay later services have become more popular This is an increase from last year’s survey, in which under one-third of respondents said they planned to spend $500 or less. News & World reported that 41% of the 1,114 respondents planned on spending $500 or less on holiday purchases this year. As a result, many shoppers plan on taking precautions to avoid debt and overspending. Inflation has certainly taken its toll on shoppers’ budgets going into the holidays. 41% of shoppers have a budget of $500 or less Nineteen percent of men said they were doing so to make purchases for themselves. In addition, a survey from discovered that 40% of men and 34% of women were willing to go into debt for holiday-related expenses. Statistics from the National Retail Federation show that last year, men spent an average of $1,046 during the holidays while women spent an average of $952. In 2021, the average holiday spending per person was $1,131, and more than 25% of shoppers said they regret the amount of money they spent.Īs of February 2022, 40% of Americans still owed holiday debt from the previous year, with individuals aged 35-54 carrying the most unpaid debt. Paying off holiday debt can be a lengthy processĪ survey conducted by MoneyGeek found that many Americans are still working to pay off holiday debt from last year. While extravagant items like designer clothes or electronics can make wonderful gifts, they are not worth risking your financial health. However, buyers often get carried away with Black Friday, Cyber Monday and other holiday “bargains.” Before they know it, they are starting the new year with holiday debt to pay off. Are you looking to spread holiday joy by gifting your friends and family with items they will love? Gift-giving is an important part of the holiday season for many people, and it’s a great way to show appreciation and put smiles on people’s faces. ![]()
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