LendingTree surveyed more than 1,000 consumers in the United States during the early days of October and learned that 25% consumers have already finished their holiday shopping.
Indeed, 44% of parents with kids under 18 and 49% of those with household incomes of $100,000 or more have finished their planned holiday purchasing.
The survey also indicated that:
- 59% of parents will spend more this holiday season than last year, as will 52% of men.
- 50% of baby boomers and 47% of women expect to spend less this holiday season.
- 22% of consumers will buy all of their holiday gifts online.
- 11% of consumers will do all of their holiday shopping in a physical store.
- 31% of consumers believe they will incur debt this holiday season.
- 55% of parents and 47% of those who were laid off or furloughed due to the pandemic anticipated accumulating holiday debt.
Matt Schulz, chief credit analyst for LendingTree, said, “Because of the coronavirus relief bill, increased unemployment benefits and overall reduced spending during the last six months, many Americans have a little more money in their bank accounts today than they otherwise would. It’s possible that some folks have taken advantage of that surplus to do a little early holiday shopping.”