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EDELMAN BERLAND
Experian Holiday Shopping Survey
October - November 2015
2 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
WHO HOW MANY ACCURACY WHEN HOW
Adults (18+) nationwide N=1,035
Margin of Error =
± 3.1%
Data Collection Occurred
October 28-November 3,
2015
Online Survey
Research Methodology
3 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
• While the holiday season often inspires positive emotions like “excitement” and “cheer”, half of consumers say that they also experience negative emotions like “stress” and “anxiety” when they think about holiday shopping.
• Majorities agree that they feel stressed about their finances during the holiday season and that holiday shopping puts a strain on their personal finances, primarily because they do not have extra money to spend on gifts or do not want to add to their debt.
• Additionally, many shoppers admit that they tend to spend even more than they anticipated, with just 1 in 10 consumers coming in “under-budget” on their holiday spending.
• However, when considering how much they will likely spend on gifts this year, consumers have only saved up about half of what they need, and they estimate that they will wind up charging about a quarter of their overall spending to a credit card.
• Looking ahead to 2016, the top three New Years’ credit resolutions are 1) to pay off a credit card, 2) to pay their full credit card balance each month, and 3) to pay off their credit card debt on time.
Key Findings
HOLIDAY SHOPPING EMOTIONS
5 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Shoppers are excited for the upcoming holiday season, but more than half also experience negative emotions like stress and anxiety
Q1: When you think about holiday shopping, which of the following emotions do you feel?
75%NET POSITIVE
EMOTIONS
53%NET NEGATIVE
EMOTIONS
Holiday Shopping Emotions
6 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Shoppers are far more likely to be “generous” than “stingy” during the holiday season, which can put a strain on consumers’ finances
Q1: When you think about holiday shopping, which of the following emotions do you feel?Q7: To what extent do you agree or disagree with each of the following statements?
Holiday shopping puts a strain on my finances
I feel stressed about my finances during the holiday season
I feel obligated to spend more than I can afford when buying holiday gifts
60%
52%
41%
Feelings Towards Spending(Shown: % Agree)
35%GENEROUS
-VS-4%
STINGY
Subgroups Most
Likely to Agree:
• Parents• HHI <$50K• Millennials
7 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Q8 Which, if any, of the following best describes why holiday shopping can be financially stressful for you personally? (Asked if stressed about finances / strain on finances, n=666)
Adding to one’s existing debt and staying within budgets are the primary causes of financial stress during the holidays
Financial Stress of Holiday Shopping
Don't want to add to my debt
Difficult staying in budget
No extra money to buy gifts
Don't want more credit card debt
No cash to buy gifts
No credit to buy gifts
38% 38%35%
26%
13% 11%
37% 35%
47%
18% 18%15%
43% 42%
27% 28%
11% 9%
31%35%
30% 32%
8% 6%
Total HHI <$50K HHI $50-$99K HHI $100K+
HOLIDAY SHOPPING BUDGETS & SPENDING
9 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Consumers are more concerned about finding the “right” gifts than staying within their budgets and often spend more than anticipated
Q2: In your opinion, what – if anything – is the worst part about holiday shopping?Q6: Which of the following best describes how much you spend during the holiday season?NOTE: TOTALS MAY NOT ADD TO 100% DUE TO ROUNDING
Expected vs. Actual Spending
50%
11%
More than expectedExactly as expectedLess than expected
38%SPEND MORE
THAN EXPECTED
Biggest Holiday Shopping Concern
Crowds
Picking the right gift
Sticking to a budgetHaving cash/credit to buy
giftsPrices/Deals
Keeping gifts a secret
Risk of identity theft
27%
20%
14%
12%
9%
4%
4%
10 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Q3: Which, if any, of the following have you… Ever done in the past / Plan to do this holiday season?
Moreover, many consumers do not even set aside a specific budget for their holiday shopping
53%Have shopped
without a budget
Have Gone Holiday Shopping Without a
Budget
43%Plan to set
aside a budget this year
Plan to Set Aside a Holiday Shopping Budget
this year
11 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
The average consumer anticipates spending about 6% more year-over-year on holiday gifts – highest among parents and more affluent consumers
Q9: Approximately, how much do you plan to spend on holiday gifts this season?
Anticipated 2014 Anticipated 2015
$758 $806
Anticipated Holiday Spending(Shown: Mean USD Amount)
HHI <$50K HHI $50-99K HHI $100K+
$396 $787 $1,338
Parents Non-Parents
$989 $683
Men Women
$866 $734
CREDIT USAGE FORHOLIDAY SHOPPING
13 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Consumers have only saved half of the money they need for holiday shopping and already expect to charge nearly a fourth of overall spending
Have already saved Will save in coming months
Will charge to a credit card
52%
25% 23%
Percentage of Budget Saved vs. Charged(Shown: Mean percentage of total budget)
$
14 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
53%49%
45%
22%18%
9%6%
After cash, credit cards will be the most common form of payment for holiday purchases
Q4: How do you plan to pay for your holiday gifts this year?Q5: How many major credit or store credit cards do you plan on using to complete your holiday shopping? (Asked if using credit cards or store credit cards, n=568)
Shopping Payment MethodMost Likely to Use
Major Credit Cards:
-HHI $100K+ (71%) -55+ (55%) -Men (53%)
TOTAL AVG. # OF CARDS: 2Most Likely to Use
Store Credit Cards:
-Parents (26%) -Millennials (23%) -Men (21%)
TOTAL AVG. # OF CARDS: 2
15 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Holiday shopping charges have a significant impact on consumers’ credit
Q3: Below is a list of shopping behaviors. Which, if any, of the following… Have you ever done in the past? / Do you plan to do this holiday season?Q11: To the best of your knowledge, has holiday shopping ever negatively affected your credit score (i.e., your score dropped)?
Open a store credit card for the discount and then immediately close it
Open a new credit card for holiday shopping
Pay off holiday shopping credit card charges late
9%
12%
9%
17%
18%
22%
Have Ever Done Plan To Do This Season
Holiday Shopping Behaviors
10% OF CONSUMERS
AND
18% OF MILLENNIALS
SAY HOLIDAY SHOPPING HAS
NEGATIVELY AFFECTED THEIR CREDIT SCORE
Millennials: 30%
Millennials: 31%
Millennials: 21%
16 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Looking ahead to 2016, consumers’ top resolutions are to pay off a credit card or to start making monthly payments on time or in full
Q16: Which of the following are your 2016 New Year’s credit resolutions?
28%25%
21%18%
14% 14%
7%
New Year’s Credit Resolutions
HOLIDAY SHOPPING & IDENTITY
PROTECTION
18 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Consumers are moderately concerned about identity theft this holiday season
Q13: Please rate how concerned you are about identity theft this holiday.
Concern About Identity Theft
28%
22%
50%
Very concerned Somewhat concernedNot concerned
50%NET CONCERNED
Millennials: 57%
19 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Respondents plan to do more than half of their shopping at brick-and-mortar stores, which is where they feel slightly less vulnerable
Q12: What percentage of your holiday shopping do you anticipate doing… (Shown: Mean percentage)Q14: Where do you feel that your identity is most at risk this holiday season? (Asked if shopping both in-store and online this holiday season, n=799)NOTE: TOTALS MAY NOT ADD TO 100% DUE TO ROUNDING
Identity is Most Vulnerable in…
14%
55%
In a retail store When online shoppingBoth equally
30%FEEL MORE AT RISKWHEN SHOPPING
ONLINE
Anticipated Shopping Locations
55%
36%
9% Millennials: 42%
45%NET
ONLINE
20 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Shop only on personal internet connections / networks
Check to see if the site is secure
Log out of personal accounts after shopping
Go to websites directly instead of clicking on links
Don't click on links sent in emails
Don't store payment card info on retailers' websites
Pay with a credit card dedicated to online shopping only
54%
52%
51%
48%
45%
35%
25%
Protecting Against Identity Theft
Among those that plan to shop online, the most common precautions are using personal networks, secure sites and logging out of accounts
Q15: Which, if any, of the following actions do you take to protect your identity when shopping online? (Asked if shopping online, n=864)
18-34 55+
46% 67%
49% 63%
44% 63%
45% 50%
34% 59%
33% 37%
28% 26%
21