Decluttr Media Center

66M Americans Will Go Into Debt After the Holiday Season

14 Nov 2018
  • The average American plans to spend $600 on holiday gifts this year
  • 2 in 5 U.S. consumers will seek additional income to pay for gifts
  • 1 in 4 Americans are likely to go into debt this holiday season
  • 57% of millennial parents are financially stressed about the money they plan to spend on holiday shopping, 54% higher than the average population
  • The average American spends 40% more on their significant other than is expected from their partners

Holiday cheer seems to come with a heftier price tag year after year, but your wallet may be taking an unnecessary hit. To uncover the dos and don’ts of holiday spending and gift-giving, a recent survey* of American consumers by Decluttr—leading tech buy-back site and refurbished tech seller—reveals that shoppers spend 50% more than they expect in return from loved ones.

Gift Spend, Expectations and Mounting Debt

According to the survey, the average American spends 40% more on their significant other than is expected from their partner in return, confirming that the gasp you’re waiting for after the wrapping paper settles is hardly priceless. Men are particularly guilty of over spending on holiday gifts, typically spending 84% more than is expected from their partners.

While over-delivering on loved ones’ expectations over roasted chestnuts and an open fire isn’t the worst way to spend family time, the financial burden is taxing. Decluttr’s study points to an anticipated spend of $141B this gifting season, meaning the average American plans to shell out a whopping $599 on holiday gifts this year, which will push 1 in 4 Americans into debt after the Holiday Season.

Funding the Holiday Season

In order to get ahead of the game, as many as 42% of consumers are likely to seek additional income sources to cover holiday spending. The primary means to do so are: overtime (45%), a second job (39%) and selling used things (36%) – in particular, unwanted tech items. In addition, more than half say they’ll cut current variable expenses in preparation.

“Christmas is getting more expensive every year and our research has shown that consumers are looking to seek additional income when it comes to covering the holiday spend”, said Liam Howley, CMO at Decluttr.

“What’s more, we found that nearly a third of consumers are likely to sell unwanted tech items for additional money this holiday season, and at Decluttr, we can help them do just that. Consumers who trade-in their tech with us can make an average of 35% more, allowing them to use the additional cash to spend on presents and therefore helping to alleviate the financial burden they are feeling.”

Millennial parents are dealt the short end of the candy cane when it comes to carrying the financial holiday burden. Nearly 3 in 5 reported feeling financially stressed about the money they plan to spend on holiday shopping, which is 54% higher than the average population reports.

The Worst Kinds of Gifts

Both men and women agreed that video games (42%) and sporting equipment (37%) are of least interest on their gift lists this year. Speaking of unwanted gifts, Americans shared some of the worst gifts they’ve ever received:

  1. Stretch mark cream
  2. Used fondue machine
  3. Leather toothpick
  4. Used dish towel
  5. Mayonnaise
  6. Cherry de-pitter
  7. Denture adhesive
  8. Used underwear
  9. Christmas pickle ornament
  10. Used sketch pad

Gifts That Keep You in Good Graces

Contrary to popular belief, gift cards rank number one for the most wanted gift this year. Shoppers can also proactively avoid the shame of a terrible gift by opting for the top desired tech gifts this year: headphones (31%), smartphones (30%) and virtual assistants (28%).

For those who are looking to make some extra cash for Christmas should head to Decluttr.com where they can efficiently line their pockets this season by selling their unwanted tech items such as phones and tablets, games consoles, as well as CDs, DVDs and video games.

On the look-out for some great value tech products? Head to the Decluttr Store where you can get the latest tech at a fraction of the price, giving money-savvy consumers the chance to purchase affordable tech without breaking the bank.

*Survey of 2,028 American Consumers

 

-ENDS-

 

Media Contact

Leigh Daniels

leighdaniels@maxborgesagency.com

Patricia Nunez

patricianunez@maxborgesagency.com

305-374-4404 x 139