Holiday spending and holiday-related debt this past year has been heavily affected by the COVID-19 pandemic, according to the survey findings.
01/12/2022 9:30 A.M.
1 minute read
While the holidays are over, many consumers continue to feel the effects of holiday spending—with gift returns, residual holiday spending debt, and financial resolution goals to complete.
In response to these trends, WalletHub conducted a nationally representative online survey to see how consumers have handled the holiday shopping season and gauge their financial expectations for the new year as we continue to battle COVID-19, according to the survey.
Highlights from the survey include:
- 30% of Americans overspent during the holidays.
- 41 million Americans say spending during the holidays was worth accruing debt.
- 1 in 4 Americans say their relationship with credit changed due to COVID-19.
- 68% of Americans think the U.S. economy will not go back to normal in 2022.
- 68% of Americans would work longer hours to get out of financial debt.
When given the multiple-choice question (with multiple answers allowed), “What would you do to get out debt?” 78% of respondents said they would cut out “luxuries;” 70% said they would skip vacations; 29% said they would give up social media; and 17% said they would declare bankruptcy, among other responses.
The results of these findings are based on a representative survey of over 250 respondents conducted from Jan. 1 to Jan. 3, 2022.
Read more findings from the survey here.
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