Press release
Affirm Unveils Consumer Spend Report Ahead of This Year’s Holiday Season
Consumers say 'tis the season for "intentional gifting" as nearly 3 in 4 (71%) of Americans plan to change the way they spend and save this holiday season
About this update from Affirm Holdings, Inc.
[{"type":"text","content":"\nConsumers say 'tis the season for \"intentional gifting\" as nearly 3 in 4 (71%) of Americans plan to change the way they spend and save this holiday season\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nToday, Affirm, the payment network that empowers consumers and helps merchants drive growth, released new data predicting consumer spending behavior this holiday season.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221013005427/en/(Photo: Business Wire)\n“This year, the holiday shopping season is going to look a lot more intentional. Our research shows that consumers are prioritizing gifts for their loved ones while presents for coworkers and ‘Secret Santa’ gift swaps fall off the list.” said Ashmi Pancholi, VP of Consumer Insights at Affirm. “They're also doing their holiday shopping earlier, and many plan to buy things at a discounted price.”\n\nAdditional survey findings include:\n\n\n‘Secret Santa’ isn’t coming to this year’s holiday party. Almost half (49%) of Americans plan to skip spending on the tradition this year, compared to only 22% last year.\n\n\nUnder the Christmas tree. 85% of Americans plan to buy physical gifts (vs. experiences like concerts or sporting events) this year, with 78% planning to keep their spending under $1,000.\n\n\nIn: Spending more on loved ones. 49% of Americans plan to spend $100 or more on their significant others and 53% plan to spend the same amount on their immediate family members.\n\n\nOut: The obligatory gift for your coworkers. The average person spends one-third of their life at work, yet 58% of Americans are planning to forego spending money on gifts for their colleagues this year compared to 79% who bought gifts for their coworkers last year.\n\n\nBudgeting blues. 60% of Americans typically exceed their holiday shopping budget, with 48% going over by up to $500.\n\n\nTo gift or not to gift. On the topic of gifting, Americans are divided: 42% of Americans would be willing to give up receiving gifts if it meant that they did not need to give gifts this holiday season, compared to 39% who would not.\n\n\nEarly bird gets the worm. In response to increased costs, nearly a third (32%) of Americans plan to start their holiday shopping earlier this year, while 41% plan to buy things at a discounted price.\n\n\nThe report also reveal...