Los Angeles – A large number of shoppers do not appear to be setting aside any money for holiday spending this year, and four in 10 do not even intend to do any shopping for the upcoming holiday season.
According to recent GoBankingRates.com polls, more than 63% of respondents didn't allocate any savings toward holiday gift buying. In addition, more than 40% of respondents said they would not be buying holiday gifts this year at all.
Other findings include:
- Respondents in the West reported saving the most money for holiday shopping, whereas respondents in the South reported the least savings.
- At least 50% of respondents from each income level (ranging from $0 - $24,999 to $150,000 +) reported no holiday savings.
- Fifty-two percent of respondents will spend $1,000 or less on holiday shopping this year.
- Males were more likely than females to report no plans to buy holiday gifts. However, male respondents more often stated that they would spend "Over $1,000" than females.
- Respondents living in heavily populated regions most often reported no plans to buy holiday gifts at 43.8%.
"While it's unfortunate so many shoppers are putting themselves at risk of starting off the new year in debt, what's really surprising is how many people said they're not buying gifts at all,” said Casey Bond, GoBankingRates.com managing editor. “It's not just the young and broke, it's people with children and grandkids, too.”