41% of Holiday Shoppers Plan to Spend Less than Last Year on Holiday Gifts, Décor, and Travel this Year, ScoreSense Survey Finds

Almost half of survey respondents said they plan to use cash to finance their holiday spending

DALLAS, Nov. 15, 2022 /PRNewswire/ -- You might see fewer gifts, less decorations, and more at-home celebrations this holiday season, according to findings from a consumer survey by ScoreSense^®, a credit score monitoring product. The survey focused on consumers' plans for spending and how they expect to pay.

A new consumer survey on holiday spending by ScoreSense reveals the following:

• 41% of survey respondents said they plan to spend less than last year on holiday gifts, décor, and travel this year.
• 15% of respondents believe holiday spending will somewhat or significantly affect their current debt. 29% are unsure how it will affect them.
• 19% plan to reduce holiday travel to better manage their budgets this year.
• Almost half of respondents (49%) said they plan to use cash to finance their holiday spending. (Our post-holiday spending survey in January 2022 found that 49% of respondents said they used cash and had no credit cards to pay off.)
• 25% of respondents plan to pay off credit cards immediately.

"Inflation is the Grinch that is stealing from a lot of families this holiday season," said Carlos Medina, senior vice president at One Technologies, LLC., which offers ScoreSense. "While many respondents in our survey said they intend to pay cash and pay off credit charges immediately, we still see that a lot of families are struggling."

A recent analysis by ScoreSense of consumer credit activity showed a continuation of credit spending, overspending, and late payments. Additionally, the analysis showed that older adults also are experiencing the same increase in delinquencies and spending over credit limits (Card Over Limit), which shows the stress this economy can put on a fixed income.

ScoreSense serves as a one-stop digital resource where consumers can access credit scores and reports from all three main credit bureaus—TransUnion^®, Equifax^®, and Experian^®—and understand what is most affecting their credit.

One Technologies, LLC harnesses the power of technology, analytics, and its people to create solutions that empower consumers to make more informed decisions about their financial lives. The firm's consumer credit products include ScoreSense^®, which enables members to seamlessly access, interact with, and understand their credit profiles from all three main bureaus using a single application. The ScoreSense platform is continually updated to give members deeper insights, personalized tools, and one-on-one customer care support that can help them make the most sense of their credit. One Technologies is headquartered in Dallas and was established in October 2000. For more information, please visit onetechnologies.net.

Scott Tims
[email protected]

SOURCE ScoreSense