Just because the holidays have come and gone does not mean the holiday shopping season is over. Its final act is actually just beginning.
Many people have unwanted gifts they’d like to return, which can lead to more shopping plus a fair amount of frustration. We also have holiday debt to deal with and financial resolutions we’re trying to stick to.
With that in mind, WalletHub conducted a nationally representative online survey to see how consumers have handled the holiday shopping season (so far) as well as to gauge people’s financial expectations for the new year. You can find the complete results in the following infographic.
Post-Holiday Shopping Survey: Key Stats
- 98 million Americans say they overspent this holiday season
- Nearly 1 in 3 Americans say they are not better off than they were in 2016 (the last presidential election year)
- 3x more Millennials than Baby Boomers regret a holiday purchase made this holiday season
- 34% of people say they will apply for a new credit card this year (24% more than last year)
- 2019 was labeled as a "poor" year by roughly 30% more men than women.
Full Details Overall
| What would you do to get out of debt? (select all that apply) | |
|---|---|
| Cut out "luxuries" | 73% |
| Work longer hours | 56% |
| Skip vacations | 56% |
| Give up social media | 21% |
| Declare bankruptcy | 10% |
| Rob a bank | 3% |
| Cheat on my taxes | 1% |
| Which are you worried about more? | |
| Saving enough money | 64% |
| Getting out of debt | 36% |
| Do you expect to have more, less or the same amount of credit card debt at the end of 2020? | |
| Less | 53% |
| Same amount | 34% |
| More | 13% |
| Are you better off financially in 2020 than you were in 2016? | |
| Yes | 72% |
| No | 28% |
| How was 2019 on your finances? | |
| OK | 52% |
| Good | 31% |
| Poor | 17% |
| Do you plan on getting a new credit card in 2020 for better rewards and/or lower interest rates? | |
| No | 69% |
| Yes | 31% |
| When will you pay off your holiday shopping debt? | |
| By the end of January | 56% |
| By the end of February | 17% |
| April or later | 17% |
| By the end of March | 10% |
| Did you overspend this holiday season? | |
| No | 61% |
| Yes | 39% |
| Do you regret any holiday purchases you made this year? | |
| No | 80% |
| Yes | 20% |
| Are the holidays worth going into credit card debt? | |
| No | 76% |
| Yes | 24% |
Note: Percentages may not total 100% due to rounding.