WalletHub conducted a nationally representative survey of U.S. consumers to see what people are planning to buy this holiday season, how much they’re going to spend, how the coronavirus pandemic is affecting their plans and more. You can find a handful of key findings below, followed by an infographic with complete results.
- 45% of people will start shopping for the holidays earlier this year.
- Almost 60% of people say they’ll pay for their holiday purchases in full by the due date.
- Almost 41 million Americans still have credit card debt from last holiday season.
- Almost 102 million consumers will spend less on holidays this year than last year.
- 101 million people would pay extra for a coronavirus vaccine.
- 31% more young adults than baby boomers plan to be more charitable this year.
Ask the Experts
For advice and insight, we asked a panel of experts to share their thoughts on the following key questions:
- Almost 1 in 3 people are foregoing holiday gifts this year due to COVID-19 - is that higher or lower than you would have thought?
- Why do you think roughly 45% of people will start shopping for the holidays earlier this year? Is everyone else missing out?
- Almost 60% of people say they’ll pay for their holiday purchases in full by the due date - do you think the real figure will be that high?
- What's your advice for the almost 16% of Americans who still have credit card debt from last holiday season?
Ask the Experts
This report reflects the results of a nationally representative online survey of over 1,500 respondents.
After we collected all responses, we normalized the data by age, gender and income so the sample would reflect U.S. demographics.
Full Details Overall
|How will your holiday spending in 2020 compare to 2019?|
|Spend the same||52%|
|Is your family foregoing gifts this year due to COVID-19?|
|How long will it take you to pay off your holiday-related credit card balance?|
|By New Year’s||17%|
|By spring of 2021||15%|
|After spring of 2021||11%|
|Will you do more of your holiday shopping online this year?|
|How will your holiday charitable giving change this year?|
|Plan to give less||25%|
|Plan to give more||18%|
|Which of the following would you pay extra for this holiday season? (Select all that apply)|
|Peace and Quiet||46%|
|Friendly Customer Service||38%|
|No Trump Tweets||35%|
|More Trump Tweets||9%|
|Will you start your holiday shopping earlier than normal this year?|
|Will you give a mask as a holiday gift this year?|
|Do you still have debt from last holiday season?|
Note: Percentages may not total 100% due to rounding.