Wescom Credit Union | Building Better Lives for Southern Californians

Gearing Up For Holiday Spending

Tips for Holiday Budgeting and Safe Spending

Gearing Up For Holiday Spending | Wescom Credit Union

With a desire for a much more normal holiday season this year, Americans are set to make it a landmark year for holiday spending.

According to a recent survey from Quantum Metric, 64% of the 2,000 United States consumers polled feel this holiday season will be more important and emotional than in years past. With shoppers planning for more meaningful holidays, they are willing to spend more to make it happen. Survey results suggest that the majority of Americans plan to spend $1,000 or more on the 2021 holiday season.

Stores might be back open this year, but online shopping still remains the number one way to shop for holiday gifts in the United States. According to the Quantum Metric survey, 62% of Americans plan to primarily shop online this holiday season. Results show around the same number of consumers (56%) made 75% of their holiday purchases online in 2020 as they plan to do in 2021 (54%).

With sales up this year, it’s important to make a holiday budget and stick to it, or the post-holiday season could become a financial struggle. Making a list of everything needed, tracking holiday spending, setting up account alerts, and using cash instead of credit cards are all good ways to stay on top of holiday expenses before they get out of hand. Here are more tips for safe holiday spending:

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