With the holidays quickly approaching, Chase Blueprint asked an O, The Oprah Magazine reader panel about their strategies for spending this season. The poll revealed that these festive consumers are bringing holiday cheer to friends and family while keeping a close eye on their personal budgets. The study, released by Chase, and O, The Oprah Magazine’s promotion department, indicates that while saving money on holiday shopping is prevalent this year, more than half plan to spend the same or more in the coming months.
Gifts and expenses related to holiday parties were cited by survey respondents as the biggest factors in their budgets this time of year. On average, respondents plan to spend $569 on gifts and $307 on parties this holiday season.
Smart Holiday Shopping
According to the study, two-thirds of respondents (66 percent) “look forward” to shopping for gifts during the holidays. In addition to the excitement surrounding the season, it also shows that people are being mindful with their spending and want to get the most out of every dollar. To stretch their holiday budget a little further, 61 percent plan to use coupons or look for last minute sales, while more than a quarter (28 percent) plan on purchasing most of their gifts during Black Friday or Cyber Monday. Additionally, three in five respondents will create a holiday shopping budget (62 percent) and among those, nearly all are very likely to stick to that budget (95 percent).“During the holidays, a great amount of focus is placed on buying and giving gifts – which means people are spending money they may not regularly. It’s great to see that people aren’t losing sight of their budgets,” said Rachana Bhatt, director, Chase Card Services. “Developing and sticking to a plan during the holidays will help consumers save time, money and, most importantly, prepare them for a sound financial start in the New Year.”