PayPal survey finds Christmas shoppers expect to go over budget
PayPal’s Festive Spending Snapshot for 2023, conducted by Censuswide polled more than 1,000 consumers across Ireland, revealed that 71% of people establish a budget for the holiday season. However, 74% often overspend during the holiday season.
Some 57% of people get stressed when it comes to planning their Christmas budgets and 37% would like better control over their holiday expenses.
Out of the shoppers who actively establish a budget for the holiday season, 36% allocate budgets per person that they need to buy for. Just 32% say that having a budget makes them less stressed/more relaxed and 26% set one to prevent them from dipping into their savings.
Additionally, 25% of people in Ireland are forgoing their work Christmas parties to make their budgets stretch further this Christmas. Furthermore, attending New Year’s Eve parties are off the list for 24% of consumers to reduce costs.
Thirty-two per cent of consumers plan to pay for goods using loyalty points or rewards, while 28% will compare prices using apps to cut back on spending this year. Moreover, 21% will use a digital wallet to track online purchases and 18% will shop online this year.
Furthermore, 57% of consumers expect to have their Christmas shopping finished by the 12 December. The county with the highest proportion of last-minute shoppers is Monaghan (50%), followed by Offaly (29%), Kerry (28%) and Carlow (27%).
The study also revealed people’s concerns when buying Christmas presents. This included 62% of people voting for delivery/arrival times, 61% overspending, 57% being scammed, 49% shopping on unfamiliar websites and 46% filling in financial details when making purchases.
However, despite the concern around excessive expense when Christmas shopping, 77% of respondents have justified spending over their budget. Twenty-eight percent agree that ‘buying one and getting one free’ means they can treat themselves to the free item.
Maeve Dorman, senior vice president, PayPal, said: “It’s clear that people in Ireland are conscious of the cost associated with Christmas, with many justifying the expense and others overspending. But this is where “festive maths” comes in. It means planning and sticking to a budget, while being smart with spending. From tracking transactions and using Honey for discounts or using PayPal at Checkout, festive maths enables people to take better control of their finances and enjoy the holiday season.”
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