Yonkers, N.Y. -- Two-thirds of shoppers will spend the same amount of money (54%) or more money (12%) than they did last year. A new Consumer Reports poll also reveals that 33% will spend less money, similar to the 37% who said the same when asked last year.
About half of Americans plan to shop on a budget this year. However, 36% admitted to spending more than they budgeted last year. Additionally, 10% of shoppers who used a credit card to purchase gifts last holiday season have yet to pay off their debt, similar to the 13% who were in that predicament last year. When asked the most important reasons they chose credit cards instead of cash or another method of payment, the top responses included:
• Credit cards are easier for online purchases (54%)
• Earning bonuses such as reward points or miles for using my credit card (48%)
• Credit cards are more convenient than other methods of payment (48%)
• Earning cash back for using my credit card (40%)
• Credit cards made it easier to track the amount of money I was spending (27%)
• Idesier to pay for my purchases later, or in installments (26%)
• Credit cards are my default method of payment (25%)
Holiday shoppers anticipate they will charge a median amount of $650 to their credits cards this holiday season, which is $275 more than last year's median of $375. Just 7% of shoppers plan to take advantage of store layaway plans.