Nearly 7 in 10 Shoppers Likely to Overspend This Holiday Season, Survey Finds
Nearly 7 in 10 shoppers are set to overspend during this holiday season, according to a recent survey. As the festivities approach, the excitement of gifting and celebrations seems to overshadow budgetary constraints for many consumers.
The survey, conducted by a leading market research firm, revealed that 68% of respondents admitted they are likely to exceed their planned holiday spending budget. This trend indicates a significant proportion of shoppers are willing to stretch their financial limits for the sake of holiday cheer.
Factors leading to this overspending include the pressure to participate in gift-giving traditions, attractive deals and promotions that encourage bulk purchases, and the emotional aspect of wanting to provide memorable experiences for loved ones. With retailers ramping up advertising campaigns and offering limited-time discounts, consumers find it challenging to resist.
Moreover, the study pointed out that online shopping, which offers convenience and a seemingly endless array of options, contributes to impulsive buying. The ease of clicking and purchasing can result in accumulating expenses that may only be realized once bank statements arrive.
Financial experts warn that this propensity for holiday overspending can lead to a debt hangover in the new year. They advise shoppers to create a realistic budget and adhere strictly to it. Tools such as tracking expenses in real-time and avoiding last-minute shopping rushes can help maintain financial discipline.
In response, some consumers have begun adopting strategies like setting aside savings specifically for holiday expenses or leveraging cash-back and rewards programs to offset costs. However, whether these measures will curtail the widespread trend of festive splurging remains to be seen.
As we edge closer to the holiday period, it’s clear that while nearly 7 in 10 shoppers may enter it with intentions of keeping spending in check, the allure of the season often wins out, leading many into expenditure that surpasses their initial budgets.
