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Interest Rates Keep Rising, and So Does Our Holiday Spending

A new Consolidated Credit survey shows that more men will shop in-store and the Hispanic community is prepared to buy responsibly.

Fort Lauderdale, FL – Inflation can’t stop it, and neither can credit card interest rates that are averaging 28%. Holiday shopping keeps rising every year. But Consolidated Credit’s annual holiday survey of 1,000 English and Spanish-speaking consumers reveals that some demographics are handling it better than others.

For example, nearly 40% of English-speaking women and 35% of men carried no credit card debt and 79% pay off their credit card balances within their billing cycle, which is crucial to avoid paying those steep interest charges.

“Holiday spending has trended upward since 2009 – from just over $500 per person to an expected average of $900 this season,” says April Lewis-Parks, Consolidated Credit’s director of education.

“That’s much higher than the rate of inflation and, most concerning, the rate of salary increases. That means more Americans going into debt. We have designed a free interactive holiday budgeting planner to help people stay on track.”

If Lewis-Parks sees one bright spot, it’s Hispanic holiday shoppers. While 28% of English-speaking respondents said they plan to spend up to $1,000 this holiday season, only 13% of Spanish-speaking respondents said the same.

Still, there’s a concern:

  • Nearly 30% of the Hispanic respondents said that they carry a credit card balance of between $5,000 and $10,000
  • 22% carry balances between $10,000 to $20,000
  • 14% have over $20,000 in credit card debt

“While the Hispanic community is spending less over the holidays, one reason is that they simply can’t afford to spend more,” Lewis-Parks said.  A survey from the Consumer Financial Protection Bureau, “Making Ends Meet in 2022” reiterates that Hispanic consumers credit card debt increased substantially between June 2021 and September 2022.

Online Holiday Shopping Survey 2023

This year’s Consolidated Credit holiday survey not only focused on how much consumers will spend, but how they’ll spend:

  • Gen X will be the biggest spenders this holiday season
  • Gen Z buys more clothes online than other items (33%)
  • Males are more likely to shop in-store (51%)
  • English-speaking shoppers make online purchases more frequently
  • The most popular items to buy online for men are tech products (32% for English speakers and 42% for Spanish) while women prefer to buy household goods online (41% for English speakers and 47% for Spanish)

About: Consolidated Credit is a non-profit organization, which has helped more than 10 million people overcome debt and financial challenges in 30 years. Their mission is to assist families throughout the United States to end financial crises and solve money management issues through education and counseling.

Media contact: Jill Randolph [email protected]

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