Affirm Consumer Spend Report Reveals Americans' Top Concern this Holiday Season is Staying on Budget
Seven in 10 Americans say they typically go over budget during the holidays, according to new research from the first Affirm Consumer Spend Report, Affirm's look at what consumers are up to-and where they're headed next. With many Americans eager to make this year's holiday season memorable, this year is no different. Affirm discovered nearly half (48%) plan to spend more money this year because they couldn't celebrate like they normally would last year.
More than half (54%) of Americans plan to spend more this year on experiences - like traveling or attending and hosting parties - over physical gifts to make this holiday season special. In fact, this year, the top gift Americans plan to give to their loved ones is a memorable experience (42%) - such as tickets to a concert or sporting event - followed by electronics (29%), clothing (25%) and a vacation (26%). The top gift Americans hope to receive is a vacation.
Amidst the holiday celebratory excitement and anticipated increase in spending, the survey revealed finances are more top-of-mind than ever, especially when it comes to the biggest holiday stressors. Staying on budget is Americans' top concern (41%) - followed by incurring long-term debt (31%), shipping costs (28%) ??and being charged late or hidden fees (26%). What's more, over half of Americans say they typically have anxiety over holiday shopping.
To help ease holiday financial pressures, consumers are getting a head-start on their holiday shopping with the majority (61%) agreeing they no longer wait for Black Friday and Cyber Monday (News - Alert) sales to start. One in five started their shopping in September, with nearly a quarter (23%) explaining that it's because they want to better budget.
"In addition to getting a head start on their holiday shopping, consumers are taking advantage of flexible payment solutions to help them spend responsibly this year. Over half of Americans are interested in using a pay-over-time solution for their holiday shopping this year and the majority (69%) will do so because they believe it helps them better budget," said Silvija Martincevic, Chief Commercial Officer at Affirm. "With Affirm, consumers can responsibly navigate holiday spending by spreading out their purchases into simple biweekly or monthly payments."
With Affirm, eligible consumers can shop for holiday gifts and essentials, book travel and more while paying at their own pace, with budget-friendly terms that allow them to pay monthly or every other week. Shoppers can explore nearly 12,000 Affirm merchants, including:
About the Survey
Payment options through Affirm are subject to an eligibility check, may not be available in all states, and are provided by these lending partners: affirm.com/lenders. CA (News - Alert) residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to a California Finance Lender license.
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