In the US, credit cards top choice for fashion shoppers under-55 buying gifts this Christmas
December 12th, 2023, Shinmin Bali

In the US, credit cards top choice for fashion shoppers under-55 buying gifts this Christmas

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Armed with a list of gifts to purchase, consumers in the US may be thinking about which financing option suits their budget the most as Christmas approaches. In a recent survey conducted using YouGov Surveys: Self-Serve, we asked Americans (aged 55 years and under) who shop at high street fashion chains how they plan to finance their Christmas gift shopping this year.

A clear majority of this group (68%) say they plan to use credit cards to shop for gifts.

Over half of those polled (55%) would opt for cash – the second most preferred option as per our survey. Only two in ten (20%) say they plan to dip into their savings to buy gifts this year.

This is followed by one in ten (10%) saying they’d prefer using the Buy Now, Pay Later (BNPL) financing option brands provide. Remember that BNPL as a payment option had gathered a lot of steam amid the pandemic. Since then, BNPL has been able to build momentum with 8% of Americans saying they use it as a credit financing option for online purchases in 2023, up from 4% in 2021.

Finally, a small proportion of the respondents (2%) say they aren’t sure which payment mode they’d eventually go with. Just one percent of those surveyed say they would opt for a personal loan instead.

Having planned for how they would pay for gifts, how many Americans actually look forward to the experience of buying presents?

Enough do, but certainly not a majority. Interestingly, when asked what people look forward to at Christmas, 72% say they enjoy giving presents but only 37% say they look forward to going shopping for them. There is perhaps room for retailers to find areas to make the gift-shopping experience more convenient, easier, quicker or more affordable for shoppers.

A majority, 86% of those surveyed, say they look forward to spending time with family and friends. The actual Christmas dinner is right up there too, with 66% saying that’s what they look forward to.

Celebrating religious beliefs comes in at 33% and 49% of those surveyed chose receiving presents as one of the things they look forward to on Christmas.

Also read: The mental toll of holiday shopping: What’s stressing out US consumers ahead of Christmas 2023

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Methodology: YouGov polled 476 US adults aged under 55 years who shop at high street fashion chains. The survey was conducted in December 2023 and carried out through YouGov Surveys: Self-serve. Data is weighted by age, gender, race, political affiliation, education level and region. Learn more about YouGov Surveys: Self-serve.

Photo by Andrea Piacquadio on Pexels