Most Americans Plan to Cap Holiday Spending at $500 This Year [WisePiggy.com]

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A new survey from WisePiggy.com shows that over half of Americans don’t plan on spending more than $500 this Christmas shopping season, while just one in four plan on spending more than they did the year before.

Credit cards, when used wisely, can result in a smarter holiday spending plan. Cash-back spending rebates, zero-percent introductory purchase APRs and bonus rewards from preferred retailers can all come in handy.

For many Americans, the winter holiday shopping season is one of the most expensive after buying gifts for family and friends. New research from WisePiggy.com suggests that consumers are trying to prevent those bills from becoming too high, with three out of four respondents to a new survey saying that they planned to spend the same or less than they spent in 2013.

Here is how many of the 2,000 respondents plan to spend on the holidays in 2014:

  • Less than $250 – 27.64 percent
  • $251-500 – 31.93 percent
  • $501-750 – 21.39 percent
  • $751-1,000 – 10.04 percent
  • $1,000 or more – 9 percent

Men plan on spending more than women in 2014, with 37.4 percent of men planning to spend over $500, to just 25.4 percent of women.

This is what Americans plan on spending their money on in their winter shopping (more than one option could be selected):

  • Gifts for adults – 73.41 percent
  • Gifts for children – 67.52 percent
  • Gifts for pets – 26.04 percent
  • Food and beverage at home – 44.48 percent
  • Food and beverage out – 22.84 percent
  • Travel fare – 7.80 percent
  • Decorations – 27.37 percent
  • None of the above – 6.30 percent

While over 50 percent of respondents saying they will or might use credit cards for the majority of their spending, just 14.9 percent expect to go into debt because of it. This is how soon Americans anticipate paying off their credit card balance:

  • Immediately – 42.42 percent
  • January – 9.24 percent
  • Within 3 months – 12.19 percent
  • Within 6 months – 11.09 percent
  • I don’t know – 25.04 percent

“Credit cards, when used wisely, can result in a smarter holiday spending plan,” says Loryll Nicolaisen, WisePiggy.com managing editor. “Cash-back spending rebates, zero-percent introductory purchase APRs and bonus rewards from preferred retailers can all come in handy when making your list and checking it twice.”

For full analysis and ways to minimize spending while maximizing rewards, visit https://www.wisepiggy.com/credit_tutorial/credit_cards/holiday-spending-survey.html

Methodology

OP4G surveyed 2,000 Americans on behalf of WisePiggy.com.

About WisePiggy.com

WisePiggy.com offers easy, fast and free solutions to consumers looking to track their credit score and make the most of their money. WisePiggy.com offers consumers free access to their TransUnion credit score. The site also features money management tips and tools, including the unique WisePiggy Report Card, a one-of-a-kind tool to guide consumers to a better credit score. This new site joins an award-winning portfolio of personal finance sites under the QuinStreet, Inc. (NASDAQ: QNST) brand - one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with information they need to research, find and select the products, services and brands that best meet their needs.

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