Not surprising, other US consumers are planning to spend less on holiday shopping during the pandemic compared to 2019. Are you in the same situation?
This holiday season is no doubt shaping up to be an unusual one, as more and more Americans are feeling the strain on their wallets as 2020 comes to an end.
In fact, due to the ongoing pandemic, almost half of US consumers (48%) are planning to spend less on holiday shopping this year compared to last year, according to a recent Ondot Systems and SurveyMonkey holiday shopping survey of over 1,000 Americans.
With today’s economic uncertainty, the poll found that consumers are concerned about their financial situations and are putting a bigger focus on saving this holiday season. One fourth of survey respondents reported being behind on their credit card payments, and the risk of missing payments is even greater should they take on more expenses.
According to the survey’s findings, 30- to 44-year old consumers plan on reducing their spending the most this year, followed closely behind by 45- to 60-year-olds and 18- to 29 year-olds. Still, over a third (35%) of consumers above 60 years old will reduce their spending.
Here’s how different age groups replied about how much they expect to spend compared to last year’s holiday season:
Ondot SurveyMonkey 2020 Holiday Spending Poll
| Age Group | Reduce holiday spending this year | Increase holiday spending this year | No change in holiday spending this year | Eliminate holiday spending this year |
|---|---|---|---|---|
| 18 to 29 years old | 44% | 19% | 33% | 5% |
| 30 to 44 years old | 47% | 14% | 35% | 5% |
| 45 to 60 years old | 45% | 16% | 33% | 5% |
| Over 60 years old | 35% | 15% | 45% | 4% |
What You Can Do
If you are looking for more ways to fund your holiday gift purchases this year, you can also consider some alternatives to get you through. Yes you can always rely on credit cards if you are one of the 191 million folks who happen to carry a card and approximately over 55% are carrying debt on those cards according to Federal Reserve Bank. You can also opt to take out a small personal loan adding to your debt burden and be obligated to pay it back in the next few years plus interest depending on the terms of your loan.
Or you can borrow against a future paycheck if you need cash now and have it paid back within two weeks or by next payday with a minimal fee. If you have direct deposit with your employer, you may be eligible for a short term cash advance against your paycheck for up to $900 ($600 for first timers). ChexTop Check Cashing in Maryland offers this convenient service for those who need cash immediately and cannot wait for the next paycheck. It is not only good for holiday gift giving but if an emergency should arise, you can apply online directly from their website and get an answer the very same day. Avoid waiting in one of their 3 convenient locations but once you get your approval, you can simply visit one of these locations in Severn, Suitland or Pasadena Maryland to collect your cash.
ChexTop’s Cash Advance service does not do credit checks but you must have a checking account and a direct deposit agreement with a consistent history from your current employer to that account. You can check out the requirements to get a cash advance here.
Need more information? Please call us at 410-439-2274 or you can visit our website for the most common questions.
Let ChexTop Check Cashing Service help you during this Holiday Season. We also provide Check Cashing, Bill Payment and Money Orders.
For Directions to Pasadena /Annapolis click here, Severn / Glen Burnie / Jessup / Ft Meade or Suitland / PG County / Washington DC
