SAN FRANCISCO – (BUSINESS WIRE) – Sep 16, 2021–
Seven in 10 Americans say they typically go over budget while on vacation, according to a new study from the first Affirm report on consumer spending, Affirm looks at what consumers are doing and where they’re headed next. With many Americans keen to make this year’s holiday season a memorable one, this year is no different. Affirm found that almost half (48%) planned 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 – rather than physical gifts to make this holiday season special. In fact, this year the first gift Americans plan to give loved ones is a memorable experience (42%) – like tickets to a concert or sporting event – followed by electronics (29%), clothing (25%) and holidays (26%). The greatest gift Americans hope to receive is a vacation.
Amid the excitement of the holiday season and the expected increase in spending, the survey found that finances are more of a priority than ever, especially when it comes to the biggest holiday stressors. . Staying on budget is the number one concern of Americans (41%) – followed by long-term debt (31%), shipping costs (28%), and late or hidden charges (26%). Plus, more than half of Americans say they’re generally anxious about holiday shopping.
To help alleviate holiday financial pressures, consumers are getting a head start on their holiday shopping, with the majority (61%) agreeing that they no longer wait for Black Friday sales to begin and of Cyber Monday. One in five people started shopping in September, with almost a quarter (23%) saying it’s because they want to budget better.
“In addition to being one step ahead of their holiday shopping, consumers are taking advantage of flexible payment solutions to help them spend responsibly this year. More than half of Americans are interested in using a pay-per-term solution for their holiday shopping this year and the majority (69%) will do so because they think it helps them better manage their holiday. budget, ”said Silvija Martincevic, Commercial Director at Affirm. . “With Affirm, consumers can responsibly manage their vacation spending by splitting their purchases into simple bi-monthly or monthly payments. “
Major additional findings include:
- Americans plan to spend the most on their partner – almost $ 400 on average and just over $ 300 for each immediate family member
- The best holiday gifts Americans hope to receive include a vacation (27%), new clothes (26%), and gifts to create a memorable experience, like tickets to a concert or a sports game (24%).
- 72% of respondents plan to rely heavily on online shopping to avoid crowds as 57% predict this year’s holiday shopping season will be busier than a typical year
- More than half (52%) are worried about having to chat with friends and family over the holiday season because they haven’t been around people for so long; 46% agree they need to upgrade before the holiday season
- 56% of Americans are interested in using a pay-per-term solution like Affirm for holiday shopping this year; of them, 69% will use a pay-on-time solution to help them stay on budget (even if they could pay for the item in full)
With Affirm, eligible consumers can purchase holiday gifts and essentials, book travel and more all while paying at their own pace, with cost-effective terms that allow them to pay monthly or bi-weekly. Buyers can explore nearly 12,000 Affirm merchants, including:
- Clothes: Bonobos, Ulla Johnson, rag & bone
- Home: West Elm, Handy Design, Article, Bedroom & Advice
- Electronic: Target, Walmart, Dyson
- Travel & Experiences: StubHub, Vrbo, Delta Vacations, Expedia
About the survey
The online survey was conducted by OnePoll for Affirm in August 2021 with a sample of 2,000 Americans.
Affirm’s mission is to provide honest financial products that improve lives. By creating a new kind of payment network, based on trust, transparency and putting people first, we empower millions of consumers to spend and save responsibly, and empower thousands of businesses. tools needed to stimulate growth. Unlike credit cards and other installment payment options, we show consumers exactly what they will pay up front, never increase that amount, and never charge late fees or hidden fees. Follow Affirm on social networks: LinkedIn | Instagram | Facebook | Twitter.
Payment options through Affirm are subject to eligibility verification, may not be available in all states, and are provided by these loan partners: affirm.com/lenders. California Residents: Loans made by Affirm Loan Services, LLC are made or arranged under license from California Financial Lender.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210916005630/en/
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Copyright Business Wire 2021.
PUB: 09/16/2021 12 p.m. / DISC: 09/16/2021 12:02 p.m.
Copyright Business Wire 2021.