CompareCards' 2018 Holiday Debt Survey Finds Men Three Times More Likely to Already be Finished with Holiday Shopping Than Women
CHARLOTTE, N.C., Sept. 17, 2018 /PRNewswire/ -- CompareCards by LendingTree today released the findings of its survey on holiday shopping and debt. With just under 100 days until Christmas, the survey found that among U.S. credit card holders, men were three times more likely to report they were finished or nearly finished with their shopping by Labor Day than women, and twice as likely as women to report they'll spend "much" more money this holiday season than last.
Around one in six men report they are either finished or close to finished with their holiday shopping. Comparatively, the survey found only one in seven U.S. credit card holders overall say they are finished or close to finished with their holiday shopping.
"I was stunned that men were so much more likely than women to already be done with their holiday shopping," said Matt Schulz, Chief Industry Analyst at CompareCards. "For years, we've stereotyped guys as starting their holiday shopping at the last possible minute and scrambling to find whatever they can to put under the tree. This survey shatters that myth. There certainly are still those who wait until the last minute, but an awful lot of men are way more ahead of the game than you'd expect."
Most holiday shoppers don't mind the last-minute rush
Thirty-nine percent of American credit card holders don't start holiday shopping until after Thanksgiving, and 35 percent of people said they start shopping between Thanksgiving and December 15.
Younger shoppers are more likely to get a head start, with 18 percent of people 53 or younger done or nearly done with their shopping already, compared to just 4 percent of those 54 and older.
The more money you make, the earlier you start holiday shopping. The wealthiest credit card holders are much more likely to have completed their holiday shopping. Of those earning $100,000 or more annually, 17 percent are finished shopping. In contrast, just 5 percent of those making less than $100,000 a year are finished.
Nearly 40 percent will spend more this holiday season than last; more than half will pay their holiday debts in a month or less
A net 16 percent of credit card holders say they'll spend more this holiday season than last; 37 percent said they'll spend more, while 21 percent said they'll spend less.
More than half of Americans (54 percent) say they'll pay their holiday shopping debts off in a month or less; only 8 percent say it will take six months or more.
Americans split in their preference of shopping online vs. in stores
Americans are pretty evenly split in their preference of shopping online vs. in stores: 27.1 percent shop most in stores, 26.5 percent shop most online, 46.4 percent say they're equally split between the two.
The wealthier and more educated are more likely to shop online. Thirty-seven percent of those earning $100,000 or more annually said they do most of their shopping online. Preference for online shopping fell with income. Meanwhile, 28 percent of respondents with a college degree said they preferred to shop online vs. 25 percent of those with some college education and 21 percent of those with only a high school degree.
To view the full report, visit: https://www.comparecards.com/blog/early-holiday-shopping-survey/.
Methodology
CompareCards by LendingTree commissioned Qualtrics to conduct an online survey of 1,049 Americans with at least one credit card, with the sample base proportioned to represent the general population. The survey was fielded September 6-7, 2018, and the margin for error for all respondents is +/- 3%.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
About CompareCards:
CompareCards' mission is to help people make smarter, more informed, healthier financial decisions based on deeper knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards' website to independently compare credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do everything from making credit card comparisons to managing their credit health. For more information, please visit www.comparecards.com.
MEDIA CONTACT:
Megan Greuling
704-943-8208
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SOURCE CompareCards
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