American Express asked shoppers some unique questions
Each week, Consolidated Credit searches for financial research that can help you deal with your debt and budget. This week…
The interesting study
Unlike global studies like this one that predict Americans will spend more than $630 billion on holiday gifts, meals, trips, and decorations, American Express asked individual holiday shoppers some more personal questions.
The big result
Most holiday shoppers will give plastic, and many will pay with plastic this holiday season.
“Gift cards continue to top shopping lists,” American Express concludes, with 57 percent of all shoppers giving at least one. That’s up from 55 percent last year, and it’s way ahead of the next most popular gift category: “clothing and accessories” at 47 percent, which is one tick lower than 2014.
While 29 percent will pay with credit cards “with intent of paying the balance off in full,” history shows many will fall short of that goal. Meanwhile, 12 percent will charge “with intent to pay off over time.”
The fascinating details
One intriguing result is best revealed as a question: How many people will you buy holiday gifts for this season?