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. Plenty of us also have holiday debt to deal with and financial resolution we’re trying to stick to.
With that in mind, WalletHub conducted a nationally representative online survey to see how consumers have handled this unique holiday shopping season (so far) as well as to gauge people’s financial expectations for the new year as we continue to battle inflation. You can find the complete results in the following infographic.
Key Stats
- 59% of people say inflation affected their holiday spending.
- More than 1 in 3 Americans overspent during the holidays.
- 43% more people say it’s worth going into credit card debt for the holidays, compared to last holiday season.
- 59% of people think the U.S. economy will not go back to normal in 2023.
- Nearly 1 in 4 people say they regret some of their holiday purchases.
- 23% of Americans encountered scams while trying to do their holiday shopping.
- Almost 1 in 3 Americans plan to get a new credit card in 2023 for better rewards or a lower interest rate.
- 19% of Americans expect to have more credit card debt at the end of 2023.
Survey Methodology
This report reflects the results of a nationally representative online survey of nearly 250 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
| What would you do to get out of debt? (select all that apply) | |
|---|---|
| Cut out "luxuries" | 70% |
| Skip vacations | 66% |
| Work longer hours | 58% |
| Give up social media | 24% |
| Declare bankruptcy | 18% |
| Rob a bank | 5% |
| Cheat on my taxes | 3% |
| Which are you worried about more? | |
| Saving enough money | 69% |
| Getting out of debt | 31% |
| Do you expect to have more, less or the same amount of credit card debt at the end of 2023? | |
| Less | 43% |
| Same amount | 39% |
| More | 19% |
| Did inflation affect your holiday spending more or less than anticipated? | |
| Yes | 59% |
| No | 41% |
| How was 2022 on your finances? | |
| OK | 48% |
| Poor | 31% |
| Good | 21% |
| Do you plan on getting a new credit card in 2023 for better rewards or lower interest rates? | |
| No | 69% |
| Yes | 31% |
| When will you pay off your holiday shopping debt? | |
| By the end of the month | 53% |
| In 3 months | 22% |
| By the end of the year | 13% |
| In 6 months | 11% |
| Did you overspend this holiday season? | |
| No | 64% |
| Yes | 36% |
| When do you think the U.S. economy will go back to normal? | |
| Not in 2023 | 59% |
| September | 16% |
| June | 14% |
| March | 11% |
| Are the holidays worth going into credit card debt? | |
| No | 77% |
| Yes | 23% |
| Do you regret any of your holiday purchases? | |
| No | 78% |
| Yes | 22% |
| Do you plan to start shopping for the holidays earlier in 2023? | |
| Yes | 51% |
| No | 49% |
| Do you regret NOT making certain purchases during the holiday shopping season? | |
| No | 72% |
| Yes | 28% |
| Did you encounter any scams while trying to do your holiday shopping? | |
| No | 77% |
| Yes | 23% |
Note: Percentages may not total 100% due to rounding.