COSTA MESA, Calif.,
Nov. 25, 2014 /PRNewswire/ --
According to a new survey from Experian Consumer Services,
consumers anticipate spending more on holiday gifts this season
compared with 2013. However, only 38 percent of surveyed consumers
plan to set aside a budget for holiday shopping, compared with 54
percent in the past. Lack of budgeting can lead to debt, as many
plan to charge their holiday purchases on major credit cards (48
percent) or store credit cards (22 percent), while a small
percentage of respondents say they will use layaway plans to
purchase gifts (12 percent).
"Oftentimes, people happily overspend in December, only to feel
overwhelmed in January when their credit card statements arrive,"
said Becky Frost, senior manager of
consumer education at Experian Consumer Services. "A good credit
score may be a key to getting the best rates out of our financial
lives, but it can be affected adversely by overzealous holiday
spending. Our new survey shows that people are planning to spend
more on gifts this year, but few are setting aside a budget for
holiday shopping."
Consumer confidence is up
- Shoppers anticipate spending $757.57 this year on holiday shopping, up from
$721.96 last year.
- Thirty-six percent of people anticipate spending more on
holiday shopping this year, compared with 25 percent who anticipate
spending less.
Anticipated means of payment
- Many plan to use cash to pay for holiday gifts (59 percent),
but many consumers also anticipate using a credit card, store
credit card or layaway (62 percent) this season.
- Seventeen percent plan to open a store credit card to purchase
a holiday gift.
Trends in gifting
- Forty-five percent of consumers plan to give an "experience" or
a do-it-yourself gift this holiday season.
- More than a third (37 percent) plan to buy themselves a holiday
gift.
- A quarter of those surveyed said they were putting off a major
purchase to make it a holiday gift.
Quick budget tips for the holidays
- Set a realistic budget for holiday shopping and stick to it.
Making a list ahead of time with a set budget for each gift will
help you avoid overspending.
- Keep your focus on giving. It can be tempting to pick up
unplanned and unbudgeted items for yourself while shopping for
others. The holidays are more financially draining than other
seasons; stay on track and on budget by prioritizing spending.
For more survey findings, please visit
http://www.experian.com/blogs/news/2014/11/21/how-do-your-holiday-shopping-plans-stack-up-experian-survey-findings/.
Survey methodology
The online survey was conducted by
Edelman Berland on behalf of
Experian from Oct. 29, 2014, through
Nov. 3, 2014, among 1,005 adults ages
18 and older residing in the United
States. The margin of error is plus or minus 3.1 percent.
For complete survey methodology, including weighting variables,
please contact ann@pitchpublicrelations.com.
About Experian Consumer Services
The Experian Consumer
Services division provides credit monitoring and other
informational products, such as identity protection, to millions of
consumers via the Internet. The organization enables consumers to
monitor their credit reports online, check their credit scores and
protect against identity theft. Its products include Experian
Credit TrackerSM and ProtectMyID®.
Experian Consumer Services has established integrated,
co-branded relationships with leading online financial destinations
that provide consumers with a broad range of comprehensive online
financial products and information essential to managing one's
financial life. For more information, visit
http://www.experian.com.
This press release is provided for general guidance and
information. It is not intended as, nor should it be construed to
be legal, financial or other professional advice. Please consult
with your attorney or financial adviser to discuss any legal issues
or financial issues involved with credit decisions.
About Experian
Experian® is the leading
global information services company, providing data and analytical
tools to clients around the world. The Group helps businesses to
manage credit risk, prevent fraud, target marketing offers and
automate decision making. Experian also helps individuals to check
their credit report and credit score, and protect against identity
theft.
Experian plc is listed on the London Stock Exchange (EXPN) and
is a constituent of the FTSE 100 index. Total revenue for the year
ended March 31, 2014, was
US$4.8 billion. Experian employs
approximately 16,000 people in 39 countries and has its corporate
headquarters in Dublin, Ireland,
with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
For more information, visit http://www.experianplc.com.
Experian and the Experian marks used herein are trademarks or
registered trademarks of Experian Information Solutions, Inc. Other
product and company names mentioned herein are the property of
their respective owners.
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SOURCE Experian Consumer Services
