Half of Americans plan to spoil their loved
ones with more gifts this year, as a result of the COVID-19
pandemic
Holiday shopping season is upon us and while the pandemic
lingers, spending is on the rise, according to Discover’s annual
holiday survey. The survey found 26% of Americans are expecting to
spend more during the holidays this year than they did last year –
a 10 percentage point increase from those who expected to spend
more in 2020. The increase is driven largely by the younger
generations as 44% of Gen Z and 33% of Millennials expect to spend
more this year.
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Holiday spending is on the rise, led by
Gen Z and Millennials. (Graphic: Business Wire)
Americans also are making up for cautious holiday spending last
year, as 51% say they are planning to spoil their loved ones with
more gifts. Nearly half, 48%, of those increasing their spending
this year plan to spend $200-$599 more on gifts, while 2 in 10 said
they would spend an extra $1,000 or more. When it comes to the
preferred payment method, Americans continue to favor credit cards
as 40% say they will primarily use a credit card for gift
purchases, followed by debit or pre-paid cards, 29%, and cash,
15%.
Half of Americans are excited about the upcoming holiday season
to see family and friends, exchange gifts and have a more typical
holiday with loved ones. However, 3 in 10 people report feeling
stressed, driven by their uncertainty about being able to afford
gifts, the possibility of going into debt and even concerns about
shipping delays.
When thinking about the upcoming
holiday season, which of the following emotions are you
feeling?
Excited
50%
Stressed
30%
Nostalgic
24%
Concerned
21%
Thrilled
17%
Other
2%
None of the above
13%
What are you most stressed about this
holiday season?
What are you most looking forward to
this holiday season?
Not being able to afford gifts
52%
Seeing friends and family
66%
Going into debt
36%
Giving gifts
59%
Shipping delays
27%
Enjoying a “normal” holiday season with
loved ones for the first time since 2019
41%
“I expect this year’s holiday shopping season to be a busy one
as the economy continues to improve. But it doesn’t come without
its challenges. We’re seeing consumers factor in delivery timing,
potential supply chain issues and earlier shopping as they start to
cross off their holiday to-do lists,” said Stefanie O’Connell
Rodriguez, a nationally recognized personal finance author and
Discover partner. “Consumers should also think about using payment
options that reward them for the spending they know they’re already
going to be doing – like the Discover it® Cashback card which
offers 5% cash back at Walmart.com, Target.com and Amazon.com on up
to $1,500 in purchases now through Dec. 31 when cardmembers sign
up.1”
Fear of Shipping Delays Impact Shopping Behavior
More Americans are planning to shop in-store this year,
rebounding near 2019 levels, with 31% of consumers reporting they
will shop in-store this year, compared to 35% in 2019 and 22% in
2020. Of those shopping in-store this year, 71% said it is because
they do not want to risk shipping delays.
Nevertheless, shoppers have a plan. Fifty-six percent report if
they do encounter shipping delays they will spend more on little
gifts, so their loved ones have something to open.
Black Friday continues to dominate the start of holiday shopping
as the majority of people plan to start holiday shopping in
November or December. Of those who plan to start the last two
months of the year, nearly 63% say they’ll start the week of
Thanksgiving.
When do you plan to start your holiday
shopping?
January – September
17%
October
31%
November
39%
December
13%
Americans are Split on Holiday Travel
Overall, 65% of people feel very or somewhat comfortable
traveling this holiday season. Younger generations are most likely
to feel comfortable traveling for the holidays, as 72% of Gen Z and
74% of millennials report being comfortable, compared to 66% of Gen
X and 53% of Boomers+. This compares to 42% of Americans who
reported feeling safe to travel when polled by Discover in
April.
Travel is expected to increase this holiday season as 32% of
people are planning to travel, compared to last year when only 23%
traveled. Of those traveling, 43% plan to use credit card points to
help pay for their travel.
“The holidays are always busy with shopping and travel plans and
it’s great to see a majority of consumers are excited for the
upcoming season. No matter where consumers are spending this year,
Discover offers a line-up of credit cards designed to reward them
for everyday spending,” said Kate Manfred, Senior Vice President
and Chief Marketing Officer at Discover. “Discover’s rewards don’t
expire,2 and Discover matches all the Miles or cash back
cardmembers earn at the end of their first year,3 which means
cardmembers can earn more rewards with holiday purchases this
season.”
About the Survey
All figures, unless otherwise stated, are from a Dynata,
formerly Research Now/SSI, survey conducted on behalf of Discover
Financial Services. The survey was conducted online; fielded from
Sept. 30 to Oct. 5, 2021 with a total sample size of 2,000 US
adults, ages 18+. The margin of sampling error was ±2 percentage
points with a 90-95 percent level of confidence. The following
generational breaks were used when examining the data: Gen Z,
18-22, Millennials, 23-38, Gen X, 39-54, and Baby Boomers,
55-73.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover card, America's cash rewards
pioneer, and offers private student loans, personal loans, home
loans, checking and savings accounts and certificates of deposit
through its banking business. It operates the Discover Global
Network comprised of Discover Network, with millions of merchant
and cash access locations; PULSE, one of the nation's leading
ATM/debit networks; and Diners Club International, a global
payments network with acceptance around the world. For more
information, visit www.discover.com/company.
1-Activate to earn 5% Cashback
Bonus to Amazon.com, Walmart.com and
Target.com from 10/1/21 (or the date on which you activate
5%, whichever is later) through 12/31/21, on up to $1,500 in
purchases. Amazon.com purchases include those made through the
Amazon.com checkout, including digital downloads, Amazon.com
gift cards, Amazon Fresh orders, Amazon Local Deals, Amazon Prime
subscriptions and items sold by third party merchants through
Amazon.com’s marketplace. Purchases also include those made
in-store at Amazon Go, Amazon Bookstore, and Amazon 4-Star. The
Amazon.com logo and the smile logo are trademarks of Amazon or its
Affiliates. Walmart.com purchases include only those made at
Walmart.com and when shopping through the Walmart app (including
Grocery Pick Up and Delivery). Purchases made through affiliates of
Walmart.com are not part of this promotion. The Walmart.com logo is
a registered trademark of Walmart Inc. Target.com purchases
include only purchases made online at Target.com or through the
Target app. Purchases made through affiliates of Target.com are not
part of this promotion, including, but not limited to,
targtoptical.com and targetphoto.com. Target and the Bullseye
Design are registered trademarks of Target Brands, Inc. Listed
merchants are in no way sponsoring or affiliated with this
program.
2-Rewards Never Expire-Your rewards
never expire. We will credit your account or send you a check with
your rewards balance if your account is closed or if it has not
been used within 18 months.
3-Cashback Match: We’ll match all
the cash back or Miles rewards you’ve earned on your credit card
from the day your new account is approved through your first 12
consecutive billing periods or 365 days, whichever is longer, and
add it to your rewards account within two billing periods. You’ve
earned cash back or Miles rewards only when they’re processed,
which may be after the transaction date. We will not match: rewards
that are processed after your match period ends; statement credits;
rewards transfers from Discover checking or other deposit accounts;
or rewards for accounts that are closed. This promotional offer may
not be available in the future and is exclusively for new
cardmembers. No purchase minimums.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211116005409/en/
Derek Cuculich 224-405-0665 derekcuculich@discover.com
@Discover_News
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