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Experian Consumer Holiday Shopping Survey

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Consumers may not feel so jolly once they head into this year’s holiday shopping season. According to a national survey by Experian, many respondents are concerned about the financial stress of gift buying and adding debt, as well as becoming an identity theft victim.

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Experian Consumer Holiday Shopping Survey

  1. 1. EDELMAN BERLAND Experian Holiday Shopping Survey October - November 2015
  2. 2. 2 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement WHO HOW MANY ACCURACY WHEN HOW Adults (18+) nationwide N=1,035 Margin of Error = ± 3.1% Data Collection Occurred October 28- November 3, 2015 Online Survey Research Methodology
  3. 3. 3 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement • While the holiday season often inspires positive emotions like “excitement” and “cheer”, half of consumers say that they also experience negative emotions like “stress” and “anxiety” when they think about holiday shopping. • Majorities agree that they feel stressed about their finances during the holiday season and that holiday shopping puts a strain on their personal finances, primarily because they do not have extra money to spend on gifts or do not want to add to their debt. • Additionally, many shoppers admit that they tend to spend even more than they anticipated, with just 1 in 10 consumers coming in “under-budget” on their holiday spending. • However, when considering how much they will likely spend on gifts this year, consumers have only saved up about half of what they need, and they estimate that they will wind up charging about a quarter of their overall spending to a credit card. • Looking ahead to 2016, the top three New Years’ credit resolutions are 1) to pay off a credit card, 2) to pay their full credit card balance each month, and 3) to pay off their credit card debt on time. Key Findings
  4. 4. HOLIDAY SHOPPING EMOTIONS
  5. 5. 5 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Shoppers are excited for the upcoming holiday season, but more than half also experience negative emotions like stress and anxiety Q1: When you think about holiday shopping, which of the following emotions do you feel? 75% NET POSITIVE EMOTIONS 53% NET NEGATIVE EMOTIONS Holiday Shopping Emotions
  6. 6. 6 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Shoppers are far more likely to be “generous” than “stingy” during the holiday season, which can put a strain on consumers’ finances Q1: When you think about holiday shopping, which of the following emotions do you feel? Q7: To what extent do you agree or disagree with each of the following statements? 60% 52% 41% Holiday shopping puts a strain on my finances I feel stressed about my finances during the holiday season I feel obligated to spend more than I can afford when buying holiday gifts Feelings Towards Spending (Shown: % Agree) 35% GENEROUS -VS- 4% STINGY Subgroups Most Likely to Agree: • Parents • HHI <$50K • Millennials
  7. 7. 7 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Q8 Which, if any, of the following best describes why holiday shopping can be financially stressful for you personally? (Asked if stressed about finances / strain on finances, n=666) Adding to one’s existing debt and staying within budgets are the primary causes of financial stress during the holidays Financial Stress of Holiday Shopping 38% 38% 35% 26% 13% 11% 37% 35% 47% 18% 18% 15% 43% 42% 27% 28% 11% 9% 31% 35% 30% 32% 8% 6% Don't want to add to my debt Difficult staying in budget No extra money to buy gifts Don't want more credit card debt No cash to buy gifts No credit to buy gifts Total HHI <$50K HHI $50-$99K HHI $100K+
  8. 8. HOLIDAY SHOPPING BUDGETS & SPENDING
  9. 9. 9 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Consumers are more concerned about finding the “right” gifts than staying within their budgets and often spend more than anticipated Q2: In your opinion, what – if anything – is the worst part about holiday shopping? Q6: Which of the following best describes how much you spend during the holiday season? NOTE: TOTALS MAY NOT ADD TO 100% DUE TO ROUNDING Expected vs. Actual Spending 50% 11% More than expected Exactly as expected Less than expected 38% SPEND MORE THAN EXPECTED Biggest Holiday Shopping Concern 27% 20% 14% 12% 9% 4% 4% Crowds Picking the right gift Sticking to a budget Having cash/credit to buy gifts Prices/Deals Keeping gifts a secret Risk of identity theft
  10. 10. 10 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Q3: Which, if any, of the following have you… Ever done in the past / Plan to do this holiday season? Moreover, many consumers do not even set aside a specific budget for their holiday shopping 53% Have shopped without a budget Have Gone Holiday Shopping Without a Budget 43% Plan to set aside a budget this year Plan to Set Aside a Holiday Shopping Budget this year
  11. 11. 11 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement The average consumer anticipates spending about 6% more year- over-year on holiday gifts – highest among parents and more affluent consumers Q9: Approximately, how much do you plan to spend on holiday gifts this season? $758 $806 Anticipated 2014 Anticipated 2015 Anticipated Holiday Spending (Shown: Mean USD Amount) HHI <$50K HHI $50-99K HHI $100K+ $396 $787 $1,338 Parents Non- Parents $989 $683 Men Women $866 $734
  12. 12. CREDIT USAGE FOR HOLIDAY SHOPPING
  13. 13. 13 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Consumers have only saved half of the money they need for holiday shopping and already expect to charge nearly a fourth of overall spending 52% 25% 23% Have already saved Will save in coming months Will charge to a credit card Percentage of Budget Saved vs. Charged (Shown: Mean percentage of total budget) $
  14. 14. 14 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement 53% 49% 45% 22% 18% 9% 6% After cash, credit cards will be the most common form of payment for holiday purchases Q4: How do you plan to pay for your holiday gifts this year? Q5: How many major credit or store credit cards do you plan on using to complete your holiday shopping? (Asked if using credit cards or store credit cards, n=568) Shopping Payment Method Most Likely to Use Major Credit Cards: -HHI $100K+ (71%) -55+ (55%) -Men (53%) TOTAL AVG. # OF CARDS: 2 Most Likely to Use Store Credit Cards: -Parents (26%) -Millennials (23%) -Men (21%) TOTAL AVG. # OF CARDS: 2
  15. 15. 15 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Holiday shopping charges have a significant impact on consumers’ credit Q3: Below is a list of shopping behaviors. Which, if any, of the following… Have you ever done in the past? / Do you plan to do this holiday season? Q11: To the best of your knowledge, has holiday shopping ever negatively affected your credit score (i.e., your score dropped)? 9% 12% 9% 17% 18% 22% Open a store credit card for the discount and then immediately close it Open a new credit card for holiday shopping Pay off holiday shopping credit card charges late Have Ever Done Plan To Do This Season Holiday Shopping Behaviors 10% OF CONSUMERS AND 18% OF MILLENNIALS SAY HOLIDAY SHOPPING HAS NEGATIVELY AFFECTED THEIR CREDIT SCORE Millennial s: 30% Millennial s: 31% Millennial s: 21%
  16. 16. 16 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Looking ahead to 2016, consumers’ top resolutions are to pay off a credit card or to start making monthly payments on time or in full Q16: Which of the following are your 2016 New Year’s credit resolutions? 28% 25% 21% 18% 14% 14% 7% Pay off a credit card Pay full credit card balance each month Pay credit card debt on time Not open any more credit cards Check credit report more often Check credit score more often Enroll in credit monitoring service New Year’s Credit Resolutions
  17. 17. HOLIDAY SHOPPING & IDENTITY PROTECTION
  18. 18. 18 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Consumers are moderately concerned about identity theft this holiday season Q13: Please rate how concerned you are about identity theft this holiday. Concern About Identity Theft 28% 22% 50% Very concerned Somewhat concerned Not concerned 50% NET CONCERNED Millennial s: 57%
  19. 19. 19 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Respondents plan to do more than half of their shopping at brick- and-mortar stores, which is where they feel slightly less vulnerable Q12: What percentage of your holiday shopping do you anticipate doing… (Shown: Mean percentage) Q14: Where do you feel that your identity is most at risk this holiday season? (Asked if shopping both in-store and online this holiday season, n=799) NOTE: TOTALS MAY NOT ADD TO 100% DUE TO ROUNDING Identity is Most Vulnerable in… 14% 55% In a retail store When online shopping Both equally 30% FEEL MORE AT RISK WHEN SHOPPING ONLINE Anticipated Shopping Locations 55% 36% 9% Millennial s: 42% 45% NET ONLINE
  20. 20. 20 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement 54% 52% 51% 48% 45% 35% 25% Shop only on personal internet connections / networks Check to see if the site is secure Log out of personal accounts after shopping Go to websites directly instead of clicking on links Don't click on links sent in emails Don't store payment card info on retailers' websites Pay with a credit card dedicated to online shopping only Protecting Against Identity Theft Among those that plan to shop online, the most common precautions are using personal networks, secure sites and logging out of accounts Q15: Which, if any, of the following actions do you take to protect your identity when shopping online? (Asked if shopping online, n=864) 18-34 55+ 46% 67% 49% 63% 44% 63% 45% 50% 34% 59% 33% 37% 28% 26%
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