Holiday Smart Spenders vs. Over Spenders
Are you a Smart Spender or an Over Spender?
Smart Spenders… Over Spenders…
Start shopping early:
• 40% of shoppers start in October or earlier
• 61.4% of early shoppers do it because it spreads out the cost over more pay cycles for better budgeting Start shopping late:
• 19% of men and 14% of women start shopping in the first 2 weeks of Dec.
• Even worse – 5% of men and 3% of women start in the last 2 weeks of Dec.
Limit the gift list to family:
• Expected spending on family gifts = $462.95 Give gifts to everyone:
• Expected spending on gifts for friends = $77.85
• Expected spending on co-workers = $29.95
Choose a retailer for the right reasons:
• 73.1% pick stores for sales / price discounts
• 60.7% pick stores that offer better quality merchandise Choose retailers for the wrong reasons:
• 45.3% pick stores because they’re close or convenient
• 10.3% of Millennials pick stores simply because they have layaway
Opt for less expensive stores:
• 55.9% shop discount stores
• 55.6% hit department stores
• 44.1% shop at grocery stores Waste money at more expensive retailers:
• They spent $24.5 million at electronics & appliance stores last year
• They spent $40.3 million at clothing stores
Are smart about shipping:
• 93.1% of shoppers will use free shipping at least once this season
• 46.7% say free shipping is a key factor in choosing an online retailer
• 46.5% of shoppers will use in-store pickup to reduce online purchase cost Aren’t concerned with shipping charges:
• 7.8% of shoppers waste money on same-day shipping charges
• Millennials are more likely to opt for same-day shipping:
o 16.7% of shoppers 18-24
o 15.9% of shoppers 25-34
Shop online retailers for the right reasons:
• 90% pick sites for the lowest prices Shop online for less moneywise reasons:
• 78% base store choice on how easy it is to navigate the website
Use tech the right way to shop:
• 37.9% of smartphone users and 47.5% of tablet users research products Don’t use tech to its full advantage:
• 28.4% of smartphone users just use it to check for store hours and directions
Go for the classics on gifts:
• Barbie has been the top gift for girls 10 of the past 11 years
• LEGO has been the top gift for boys for all 11 years Go high-tech on gifts:
• 8% of parents focus on video games for boys
• 4% of parents gave their girls a smartphone or tablet
Don’t spend money on gifts for themselves. Spend an average of $131.59 self-gifting.
Reuse decorations from last year. Spend an average of $53.02 on new décor.
Make purchases with cash or pay off credit card debt in the first month to avoid interest on the $805.65 average holiday spend. End up spending an extra $384.02 for interest charges on a minimum payment schedule for a total holiday spend of $1189.67.
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