Everyone feels the pressure that Christmas brings, especially in the current financial climate. But how far would you go to give your loved wants the presents they want?
According to new research, a quarter of US citizens will find themselves into debt this year because of Christmas spending.
The survey, conducted by CouponCabin.com, asked 2,000 American citizens how much they’re planning to spend on Christmas and how they expect to pay for the holiday.
The research found that the average amount spent on presents last year was $830 per person – with 7% making gaming consoles their most expensive purchases.
When asked if they’re worried about Christmas spending this year, a third said yes. A quarter of respondents said they always rely on a credit card to cover their Christmas costs, and one in six admitted they would consider a loan.
But despite the high number of people using finance options to fund their Christmas, Americans do appear to be wising up to big money savings as almost three quarters (71%) of those surveyed say they will spend less money this year than last.
When it comes to money-saving methods, over half of respondents stated that they plan to shop during holiday sales events, like Black Friday and Cyber Monday, and one in ten opted to delay a large purchase until the New Year or cut back on entertainment costs.
One in eight respondents admitted to being sale-savvy and stocking up on bargains they have seen throughout the year.
The survey also asked what month of the year respondents start putting money away for Christmas. It was revealed that January is the most popular month of the year to start saving up, whilst October is the next favored month to start stocking up on some stocking fillers.
Scott Kluth, founder and CEO of CouponCabin.com, said, “Christmas can be a worrying time for lots of families who want to have happy holidays but are worried about their cash flow.”
“My advice to them is don’t be ashamed to grab bargains where you can. Start saving as early as possible and utilize money saving tactics such as store sales or coupon schemes to help your budget go further.”