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Two-thirds of Americans will not finance any of their holiday purchases

holiday purchases
America   Average holiday shopper will spend $530 this season

This year, holiday shoppers are eager to find the best deals, with 60 percent planning to compare prices online before purchasing.


However, 66 percent don't plan to finance any of their holiday spending, missing out on potential discounts and rewards.

TD's survey of 1,000 Americans found that the average consumer will spend $530 on holiday shopping this year, with the top gift categories being gift cards (28 percent), technology/gadgets (25 percent) and clothes (19 percent).

Despite the potential to earn rewards when shopping with a credit card, most Americans plan to shop with a debit card (36 percent). Fewer will use credit card (34 percent), check (17 percent), store branded credit card (7 percent) and in-store financing options (4 percent).

Those who plan to finance all or some of their holiday shopping will do so with a bank-offered credit card (71 percent), a store credit card (57 percent) or a store-backed payment plan (39 percent).

Ninety-six percent of Americans who financed holiday shopping in the past paid it off within a year, including 33 percent who paid it off immediately and 24 percent who paid it off within the first month after making a purchase.

Respondents were most likely to pursue financing for their holiday shopping if doing so offered them significant savings (61 percent).

 

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