TD Bank’s 2023 Merry Money Survey is back with more insights into consumers’ opinions and spending habits this holiday season. The latest survey edition finds that nearly all shoppers (96%) expect to overspend on gifts this year, while two-thirds (68%) are concerned about inflation impacting their shopping needs. Here are all the key findings in TD Bank’s Merry Money Survey 2023.
2023 Merry Money Survey Findings
TD Bank, self-labeled as America’s Most Convenient Bank®, is back with its latest Merry Money Survey. The annual holiday study polled 2,000+ U.S. consumers regarding their shopping and overall money management habits during the holiday season.
Interestingly, the bank found that while Americans are worried about inflation, with 68% of respondents concerned about inflation impacting their shopping needs, that number is nine percentage points lower than in 2022 (75%).
Other notable findings from the TD Bank 2023 Merry Money Survey include:
- Reaping the Jolly Rewards: When it comes to rewards, the majority of respondents (78%) plan to use them for cash back offerings, while 23% plan to use them for dining out, 22% for travel, 17% for experiences, and 9% for other purposes.
- This year, Americans are prioritizing cards over cash, with more than three-quarters (78%) sharing that they use credit or debit cards as their primary payment method. A debit card is the primary payment method for 43% of respondents, revealing that many shoppers will be missing out on the rewards and savings that many credit cards offer.
- Make the Yuletide Pay: Among credit card users, Gen-Z is on par with their older counterparts, with nearly three in five (58%) sharing that they will pay 100% of their outstanding card balance to set them off on the right foot to kick off the new year, exactly the same as the general population.
- Trimming Holiday Expenses: While 70% of survey participants are preparing to create a budget to manage their holiday spending, more than three-quarters (80%) are actively in pursuit of discounts and special deals, 47% plan to closely examine their purchases, and 90% aim to find methods to prevent exceeding their budget limits. Additionally, new data reveals that 80% of shoppers seek sales or price reductions to make their seasonal purchases, but 96% anticipate they will overdo it.
Budgeting is Key
“With economic concerns top of mind for consumers throughout the year, planning ahead can help prevent some of the financial stress that holiday shopping can place on them,” said Matt Boss, Head of Consumer Products at TD Bank. “Setting a holiday budget and sticking to it is the first step that shoppers can take to maintain their peace of mind this holiday season.”
“It’s no secret that during the holidays, consumers will tend to spend more, but that doesn’t mean they can’t also save,” Boss added. “What’s important is that consumers should have a budget, identify and shop the sales, and make the most of their planned spending, not only during the holidays but throughout the entire year.”
To read the full TD Bank 2023 Merry Money Survey, click here.
Featured image by TD Bank
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