Americans willing to get into debt this Christmas: they would spend an average of $ 276 on gifts for each family member


Americans plan to enjoy this post Covid Christmas even if they have to spend more money.

Photo: Nicole Michalou / Pexels

For Ted Rossman, Senior Industry Analyst at CreditCards.com, “This will be a good holiday season for retailers”So even though people say they’re worried about things like inflation and supply chain disruptions, they continue to spend solidly.

According to a new survey by CreditCards.com:

– 21% plan to spend less than in 2020

– 48% will spend approximately the same

– and the 13% think they spendr even more than the previous year

The main areas in which respondents plan to cut expenses include:

Decoration, 21%
– Entertainment, 18%
– Gifts, 17%
– Travel, 16%

Last year, consumers Americans spent a record $ 789.4 billion on vacations, according to information from the National Retail Federation, which means it was 8.3% higher than in 2019.

This year the average consumer with children under the age of 18 plans to spend $ 276 per child on gifts, and for friends or acquaintances they plan to allocate $ 251 dollars.

For Rossman, the pandemic led to sharp increases in retail sales (largely due to stimulus checks); people spent more time at home because of the confinement; they spent less on travel and other services.

The CreditCards.com survey was conducted of 2,485 adults, between October 13 and 15, 2021 and notes that:

41% of Americans are willing to borrow more
– 45% said it is to make themselves happy
– 41% said it is to make their children happy
– 41% said it is to make their spouse or partner happy
– 44% said it is to make another friend or family member happy
60% are willing to increase debt on vacation
– 76% are willing to cut their gift costs
42% plan to use coupons and store sales
– 39% will limit the exchange of gifts to family members
– 24% will give homemade gifts
– 14%, will buy used or second-hand gifts
11% will skip gift giving entirely

Recommendations not to get into debt:

– Consider requesting a card with a 0% introductory offer on purchases or a solid balance transfer card to give you more time to pay for the things you buy.
Set a spending budget and stick to it.
Reduce the number of people on your list and bake something for the rest.
– Use your credit card rewards to buy gifts.
– Look for coupons and sales promotions and browser extensions like Honey, Rakuten or Capital One Shopping.
Give away some of your time, in the form of a gift certificate for babysitting or home cooking.

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Only 33% of Americans are likely to travel at Christmas, according to study

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Christmas 2021: prices for pine trees and party decorations soar in the United States



Source-eldiariony.com