Holiday Shopping Survey: 66% Will Go into Debt This Season

Americans are not new to taking on debt to fuel that “holly jolly” feeling. However, the convenience of technology makes it easier to do so during the winter holidays.

Debt.com just polled 1,000 Americans on their holiday shopping plans. Just under 66% said they will “go into debt for holiday shopping.” Only 50% said the same last year.

Here’s how much debt they think they’ll take on:

• $100 to $300: 26%
• $300 to $500: 13%
• $500 to $700: 17%
• $700 to $900: 19%
• $900 to $1,000: 15%
• More than $1,000: 10%

Two in three told us they planned to use both credit cards and Buy Now, Pay Later Options.

Artificial intelligence technology is uniquely contributing to their debt levels. When asked if AI “recommends ideal gifts for your loved ones, will you spend more to finance your holiday shopping?” A notable 65% said “yes.” But more alarming, 26% said, “I’ll finance purchases.”

How many Americans will go into debt for their 2024 winter holiday shopping?

How much debt will Americans take on for the winter holidays?

How much will Americans finance for AI recommended gifts?

What are the most popular financing options for AI-recommended holiday gifts?

How much additional money will Americans spend due to AI holiday shopping recommendations?

How much will Americans finance using BNPL on winter holiday shopping?

Click here for full survey results

Do you plan on using credit cards to cover your holiday shopping?
Yes	87.88%
No	12.12%

Do you plan on using BNPL services to cover your holiday shopping?
Yes	69.40%
No	30.60%

Will you use both credit cards and BNPL for holiday shopping?
Yes	68.52%
No	31.48%

If AI recommends ideal gifts, will you spend more money or finance holiday shopping?
Yes, I’ll spend more money	64.81%
Yes, I’ll finance purchases	25.51%
No, I won’t spend more money or finance purchases recommended by AI	28.64%

Which financing option are you most likely to use for AI-recommended gifts?	Likely	Somewhat likely	Not likely at all
Credit card	79.57%	18.15%	2.28%
Buy Now, Pay Later	64.79%	32.92%	8.19%
Retail store card	58.89%	23.16%	12.05%
Payday loan	57.96%	22.45%	19.59%

How much more do you think you’ll spend due to AI recommendations?
$100 to $300	16.76%
$300 to $500	12.01%
$500 to $700	20.67%
$700 to $900	20.81%
$900 to $1,000	19.27%
More than $1,000	10.47%

Will you go into debt for holiday shopping?
Yes	65.57%
No	34.43%

How much total debt (credit cards/retail cards/BNPL) will you take on this holiday season
$100 to $300	25.77%
$300 to $500	13.26%
$500 to $700	17.18%
$700 to $900	18.88%
$900 to $1,000	14.74%
More than $1,000	10.18%

What items are most likely to use BNPL to purchase?
Clothing	62.04%
Jewlery	45.30%
Appliances	43.44%
Electronics	45.51%
Experiences	28.01%
Holiday entertaining items	17.72%

Will you create a BNPL budget to avoid overspending?
Yes	69.69%
No	30.31%

How much do you think you will finance with BNPL?
$100 to $250	31.72%
$251 to $500	10.46%
$501 to $1,000	15.42%
$1,001 to $2,000	11.78%
$2,001 to $3,000	8.26%
$3,001 to $4,000	5.84%
$4,001 to $5,000	11.01%
More than $5,000	5.51%

Click here for full 2023 survey results

Are you doing holiday shopping earlier this year?
Yes	64.08%
No	35.92%

If yes, how early did you begin your holiday shopping?
July	5.51%
August	9.26%
September	16.65%
October	34.04%
N/A	34.54%

Why did you start shopping earlier?
Inflation	14.68%
Concerns about supply	22.28%
To avoid price markups	22.28%
N/A	41.30%

Do you expect to spend more on holiday shopping this year because of inflation?
Yes	54.44%
No	45.56%

How much do you think you’ll spend this year?
$50 to $100	11.39%
$100 to $200	16.90%
$200 to $300	18.65%
$300 to $400	11.76%
$400 to $500	12.02%
$500 to $700	8.39%
$700 to $900	4.38%
$900 to $1,000	6.13%
More than $1,000	10.39%

How will inflation affect your shopping?
I’ll spend more to buy quality gifts like last year	18.02%
I’ll spend the same amount but on fewer gifts	33.79%
I’ll buy fewer gifts to stay under budget	31.66%
Inflation won’t affect my spending this holiday season	16.52%

Do you need to use credit cards to cover your holiday shopping?
Yes	49.69%
No	50.31%

How much credit card debt do you think you’ll take on while shopping?
$50 to $100	45.43%
$101 to $200	15.52%
$201 to $300	10.64%
$301 to $400	7.63%
$401 to $500	7.01%
$501 to $700	4.13%
$701 to $900	2.25%
$901 to $1,000	2.63%
More than $1,000	4.76%

Do you plan on spending during the holiday season like last year?
Online	72.09%
Brick-and-mortar retail stores	27.91%

How much did you plan on spending last holiday season?
$50 to $100	12.89%
$101 to $200	15.64%
$201 to $300	15.64%
$301 to $400	12.52%
$401 to $500	11.39%
$501 to $700	10.76%
$701 to $900	6.26%
$901 to $1,000	5.01%
More than $1,000	9.89%

How much did you actually spend last holiday season?
$50 to $100	11.64%
$101 to $200	13.77%
$201 to $300	16.90%
$301 to $400	10.89%
$401 to $500	11.89%
$501 to $700	10.76%
$701 to $900	6.63%
$901 to $1,000	5.76%
More than $1,000	11.76%

Click here for full 2021 survey results

Have you started shopping for the holiday season?
Yes	52.02%
No	47.98%

Will you spend more or less this year than last year
More	18.28%
The same	53.13%
Less	28.59%

Did you shop early because news reports of fewer deals and shipping delays?
Yes	36.67%
No	63.33%

When did you start shopping for the holidays?
July	7.44%
August	7.01%
September	15.20%
October	69.50%
Just now	0.85%

Do you plan to make more purchases online or at brick-and-mortar retail stores?
Online	67.98%
At the store	32.02%

Approximately how much did you spend last year?
Less than $500	51.72%
$500 to $1,000	30.0%
$1,000 to $1,500	10.81%
More than $1,500	7.47%

How much will you spend this holiday season?
Less than $500	50.71%
$500 to $1,000	31.52%
$1,000 to $1,500	11.52%
More than $1,500	6.26%

Click here for full 2020 survey results

Do you plan to spend more or less this holiday season than last year due to the pandemic?
More	4.66%
The same	32.95%
Less	62.3%

Why will you spend less?
I lost my job due to the pandemic?	11.12%
I feel pressure to buy gifts because of virtual celebrations	22.61%
I don’t expect loved ones to spend much on me due to the pandemic	36.74%

Approximately how much money did you spend last year?
Less than $250	27.70%
$250 to $500	30.49%
$500 to $1,000	25.66%
$1,000 to $1,500	9.67%
More than $1,500	6.48%

How much do you plan to spend this year?
Less than $500	73.34%
$500 to $1,000	18.13%
$1,000 to $1,500	6.07%
More than $1,500	2.46%

How do you plan on celebrating fall and winter holidays during the pandemic?
In-person	30.78%
Virtually	17.90%
A combination of both	51.32%

How will you do most of your shopping?
Online	34.01%
In-store	12.51%
Combination of online and store	47.83%
Not holiday shopping	5.64%

Methodology: Debt.com surveyed 1,000 adults and asked 11 questions about their plans for the holiday season. People responded from all 50 states and Washington, DC, and were aged 18 and above. Responses were collected through SurveyMonkey. The survey was conducted on November 8, 2024.