According to the Experian report, the following are some key survey results:

Twenty-two percent worry that their holiday shopping will affect their credit score.
More consumers plan to pay for gifts via cash or debit card this year versus 2017 while 42% will use a credit card.
Thirty-three percent will use just one credit card for all of their shopping.
Consumers plan to spend an average of $846 on gifts this season, up 14% from last year.
More than 75% of consumers agree that their financial institutions and credit card companies should take more precautions to protect their customers during the holiday season.
Thirteen percent would risk their identity being stolen for a good Cyber Monday deal; 19% of Millennials would take the risk.
Only a third will set aside a budget for holiday shopping. Even less will check to see if their credit score changed due to their spending.
People are planning to mostly use cash to pay for holiday gifts, and this has increased since last year. Millennials are 88% more likely than the average consumer to open a credit card for holiday shopping – mostly for retail discounts.
Unexpected gifts make up 30% of unexpected spending, making it the top frustration.
Of the 8% of consumers who have been victims of ID theft during the holidays, over a quarter said it happened while shopping online.
Only a little more than half of consumers said they will be vigilant when shopping online.
Although people are feeling less anxious and stressed about their holiday shopping they still hate dealing with the crowds.
Older consumers, in general, feel less stressed when it comes to holiday spending. More so, Millennials worry how their credit scores will be affected.
Saving more is the top goal. Millennial consumers are planning to take better care of their finances by also creating a budget, and improving their credit score.

The online survey was conducted from more than 1,000 adults ages 18-plus nationwide from September 27 to October 7, 2018.

Instant Insights /

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