A new survey finds 42 percent of U.S. consumers are worried about fitting holiday shopping spending into their household budget. Only 15 percent are concerned about identity theft and fraud, while 14 percent worry that shipping costs will be too high.
Halloween is still ahead of us, yet more than 4 in 10 Americans already say they’re concerned about overspending during the November-December holiday season.
A survey by payment solutions provider Splitit found that when asked what most concerns them about their upcoming holiday shopping, 42 percent of U.S. consumers worried about fitting the expense into their household budget.
In a distant second and third rank were concerns about identity theft or fraud (15 percent) and expensive shipping costs (14 percent), followed by bad return policies (a concern among 12 percent) and the inability to try things before purchasing them (11 percent).
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In general, consumers under age 35 were less concerned about identity theft and fraud, with only 8 percent reporting this as a primary concern. In contrast, 18 percent of consumers age 35 and older cited a strong identity theft fear.
Respondents were also asked how much they expect to spend this year, and older Generation X consumers (ages 45-54) were the most likely to spend $500 or more, with 56 percent pegging their holiday spending at that level. Generation Z and younger millennials (ages 25-34) were the least likely to project spending above $500.
Splitit’s survey was jointly conducted with Google Consumer Surveys in August 2019, among a nationally representative sample of 1,000 U.S. adults. The results were released Sep. 24.